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Gold prices are looking to edge higher today, extending its leads from yesterday as investors stray away from the dovish outlook of the Federal Reserve on the soft economic data. The economic results were troubling and are having the hardest time to ride along the inflation pace. The commodity is accompanied by silver with its tremendous gains against the troubling dollar.

The yellow metal is looking to hit the two-week high; the dipping dollar is also close to hitting a ten-month low against a basket of major currencies. According to senior market analyst at OANDA, Jeffrey Halley, "With the street repricing its US interest rate outlook following soft data and a dovish Yellen, and with President Donald Trump's reflationary reforms seemingly lost in the legislative Bermuda Triangle of Congress, a weaker US dollar should continue to support gold,"

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Gold Prices

The prices for spot gold were up by a mesmerizing 0.3% to $1,237.66 per ounce at earlier trading; it managed to climb up to $1,238.76, hitting its highest level since July 3 before easing to its current price on the market. On the other hand, US gold futures for August delivery were also looking at a positive note with a 0.3% increase to $1,236.80 per ounce.

Analysts on Gold’s Prices

According to the head of research at Hong Kong’s Wing FU Financial Group, Mark To, "At this moment, gold is likely to be in the trading range of $1,200-1,250," Gold is also looking to have a massive boost from the world’s largest commodity user, China; the released of their economic data for the second-quarter gross domestic product were massively positive and are exceeding most expectations bolstering the demand for more and more commodities.

 On the other hand, ING commodities strategist Warren Patterson mentioned that "We see gold averaging around $1,300 over the third quarter," and "Indian imports are rising after the very poor year last year. We expect that trend to continue even with the tax changes."

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USD Hover 10-Month Low, Silver Up

The dovish outlook from the Federal Reserve has been dragging the currency down for quite a while, falling for as much as 0.13% to 2.316 against rival currencies. Silver manages to ride the current with futures rising by a tremendous 1.09% to $16.107 a troy.

More commodities such as platinum manage to climb by 0.63% to $929.35, copper was also trading at $2.728, a massive 1.37% increase. Lastly, natural gas was also trading higher with a sizable increase of 0.94% to $3.008.

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