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Market News Battle of eagle and dove! The outlook for gold is unclear silver price ups

Battle of eagle and dove! The outlook for gold is unclear silver price ups

Gold futures traded higher in Asia on Friday. New York Mercantile Exchange Comex branch August gold futures, as of the deadline, the transaction price increased by 0.01%, trading at USD1776.55 per troy ounce.

Eden
2021-06-25
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The previous high point was USD1779.55 per troy ounce. Gold is expected to find support at USD1764.10, and USD1795.60 will meet resistance.


In the US market, gold reversed some of its earlier gains because the US dollar recovered its initial decline.


Fed Chairman Powell said on Tuesday that interest rates will not rise too fast, and inflation will not be the only determinant of policy. A day later, two Fed officials said that inflation may last longer than expected, and one of them is expected to raise interest rates by the end of 2022.


Alex Turro, senior market strategist at RJO Futures, said that concerns about possible interest rate hikes and the Fed's reduction of asset purchases still weigh on sentiment in the gold market, and this situation should continue until policies become clearer.


The price of gold fell slightly on Thursday, as Fed officials had mixed hints on what measures the Fed might take, making investors cautious.


Spot gold closed at US$1,776.40 per ounce, down US$2.50 or 0.14%. It once hit a low of US$1,772.69 per ounce during the session, which was a fall of US$17 from the high of US$1,787.97 per ounce, but it rebounded from the low in late trading.


Higher silver prices

Comex, the July transaction price of silver rose 0.14% to USD26.087 per troy ounce; the July copper transaction price rose 0.19% to USD4.3185 per pound.


The price of silver rose 0.35% to $25.96. The silver market is supported by both investment and industrial demand, but the current silver price is facing the dilemma of double-sided attacks.


FXEmpire analyst David Becker pointed out that although silver prices have risen, they are still in a narrow range.


Analyst Christopher Lewis mentioned: "The strengthening of the U.S. dollar led to the overall rise of metals. However, silver also has an industrial demand part of the equation, so I think it is only a matter of time before silver finds a reason for the rise."


The drop in copper prices may have an adverse effect. The decline in initial jobless claims was offset by a lower-than-expected increase in durable goods orders, helping to limit the trend of the dollar.


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