FXEMPIRE
All
Ad
Advertisement
Advertisement
Adesina Olumide
Add to Bookmarks
investment in real gold than gold bullion and gold coins

At the time of drafting this report, gold traded at around $1,775 per ounce. The dollar, which often moves inversely to gold, drifted slightly lower at London’s trading session.

It is important to note gold prices posted their highest monthly gain of 2021 in April as it halted a three-month downtrend, despite pullback beneath the $1,800 per ounce price levels.

Advertisement
Know where Gold is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Market players would be tracking the dollar strength at least in the near term, as a sudden change the greenback’s narrative could push prices below the $1,725 per ounce levels in a matter of days.

Still, gold traders held their grip on the yellow metal on news that show the world’s largest economy plans to boost government spending via investing more in middle-class families, infrastructure, amid rising inflation and a very dovish U.S Federal Reserve Bank.

Consequently, gold bears are staying on the bench momentarily, despite indicators that reveal the most recent data on U.S. consumer spending ticked up as many families received stimulus support primarily to spur economic growth.

However, the bears seem to tame the odds of the precious metal breaking above $1,800 per ounce at least in the near term, over reports that Robert Kaplan, a key U.S monetary official expects the Apex bank to consider tightening its monetary supply amid the growing imbalances in financial markets, sooner than later.

That being said, gold bugs are riding the price wagon on macros that reveal gold consumption in China surged by about 94% in Q1 year-over-year, discounting earlier bias, that gold is losing the battle to Bitcoin and Ethereum.

For a look at all of today’s economic events, check out our economic calendar.
Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker