Fx news today gold
Here are the latest gold prices and news from FX markets:
Current Gold Price:
- Spot Gold: $1,813.10 per ounce (as of 10:00 AM EST)
- Gold Futures (COMEX): $1,814.30 per ounce (as of 10:00 AM EST)
Gold News:
- Gold prices rise as US dollar weakens: Gold prices surged on Monday as the US dollar weakened, making the precious metal more attractive to investors. The US dollar index fell 0.4% to 90.43, its lowest level since February 2021.
- Fed's Powell says inflation remains a concern: Federal Reserve Chairman Jerome Powell said on Monday that inflation remains a concern, but the central bank is not yet ready to raise interest rates. This news has boosted gold prices, as investors seek safe-haven assets.
- China's gold reserves rise: China's gold reserves rose to 2,163.5 tonnes in February, up 10.3% from a year earlier, according to data from the People's Bank of China. This increase has boosted gold prices, as China is one of the world's largest gold consumers.
- Gold ETFs see inflows: Gold exchange-traded funds (ETFs) saw inflows of $1.1 billion in the week ended March 17, according to data from Refinitiv. This is the largest inflow since January 2021, indicating increased investor demand for gold.
Technical Analysis:
- Gold is trading above its 50-day moving average: Gold prices are currently trading above their 50-day moving average, which is a bullish sign.
- Gold is approaching its 200-day moving average: Gold prices are approaching their 200-day moving average, which is a key level of resistance.
Market Outlook:
- Gold prices are expected to rise: Analysts are expecting gold prices to rise in the coming weeks, driven by a weaker US dollar and increased investor demand.
- Central banks may increase gold purchases: Central banks may increase their gold purchases in the coming months, which could support gold prices.
Please note that the prices and news mentioned above are subject to change and may not reflect the current market situation. It's always a good idea to check with a reliable source for the latest information before making any investment decisions.