Yellow Metal Is Rising
Yellow metal has increased. Spot gold is trading at 1248.63 dollars/ounce. The US unemployment claims grew to 241K. Today, the United States will announce New Home Sales. Fed claimed it would moderately lower the 4.5T dollars balance sheet in near future. Patrick Harker noted that the lowering should be started in September. The price for September’s rate hike has broadly dropped to 13% as officials and experts say the most appropriate time for such an action would be December (49% chance). William Dudley (New York Fed President) claimed that full employment will be reached very soon, which in turn will suggest the need to lift wages and boost inflation.
Leaders of European Union had a meeting. Main points of discussions were relationship between France and Germany and Theresa May’s EC Summit, where she was supposed to talked about Brexit and borders Ireland and Northern Ireland. As we know, Brexit negotiations started on Monday and depending on what character they will acquire in course of time, gold might significantly benefit.