The Prospect of a Fed Interest Rate Hike Is Putting Pressure on Asian Gold Prices.
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Economy: Direct -- American equity forward contracts recorded mixed movements Sunday evening, amid a massive re-evaluation by investors of the Fed ' s monetary policy path, following...
Market analysts at KCM Trade believe that the significantly higher-than-expected employment figures have put pressure on gold prices, but are not enough to confirm that the Fed will raise interest rates. Gold prices fell by 600,000 VND at the opening of the week's trading session. Gold prices fluctuated ahead of the Fed's policy shift. Gold prices continued to fall after better-than-expected US employment data.
Gold prices declined during today's Monday dealings, under pressure from strong US employment data that reinforced the Fed's expectations of tightening monetary policy, just before the major inflation statements were released later this week. The dollar index - which measures the performance of the US currency in front of a basket of six major currencies - stabilized for circulation at 99.17 points.
On September 7, Reuters reported today that gold prices fell after stronger-than-expected US employment figures for August.
MTS Gold assesses that gold prices will fluctuate sideways in the short term after stronger-than-expected US employment figures pushed prices down by about 2.5%. The Gold Spot price is projected to range between $4,380 and $4,500. Attention should be paid to PPI and CPI figures, which will indicate the direction of the Fed's interest rates. The post MTS Gold indicates gold will fluctuate sideways within the $4,380-4,500 range; PPI and CPI figure…
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