International gold prices have stopped falling and rebounded, but the gains are expected to be limited, and many Fed officials show their throats

On Thursday (September 9), international gold prices rebounded slightly, as the US dollar turned down and global economic growth concerns dragged down risk sentiment. However, investors will continue to seek clues from the Fed, as many Fed policymakers have expressed support for starting the process of reducing ultra-loose stimulus measures this year.

At GMT+8 16:05, spot gold price rose 0.21% to US$1792.98 per ounce; the main COMEX gold contract rose 0.06% to US$1794.5 per ounce; the US dollar index fell 0.11% to 92.618.


The U.S.  Dollar Index is expected to end the rebound trend for three consecutive trading days, and the price of gold is not far from the nearly two-week low of 1,782.59 US dollars per ounce touched on the previous trading day. Asian stock markets are expected to have their biggest one-day decline in two weeks.

Jeffrey Halley, senior market analyst for OANDA Asia Pacific, said: “The strength of the U.S. dollar puts gold in serious danger of a sharp drop in prices.” Investors continue to worry about the pace of the global recovery and push up the U.S. dollar.

The Beige Book published by the Federal Reserve on Wednesday stated that the U.S. economy "slightly declined" in August as the epidemic rose again and hit the catering, travel and tourism industries. However, several Fed policy officials have stated that this year is still expected to reduce its large-scale asset purchases. The Federal Reserve will hold meetings on September 21 and 22.

Dallas Fed President Kaplan said on Wednesday that due to the recurring COVID-19 pandemic, he lowered his forecast for US gross domestic product (GDP) growth this year, but he reiterated that as long as there is no fundamental change in the outlook, he supports starting to reduce the Fed’s assets in October. Purchase plan.

Kaplan said at the Dallas Fed meeting: "Worries about the epidemic are having an impact." He predicted that recruitment in September will slow down and demand in the third quarter will be suppressed, but there will be no "long-term" impact. He said that the US economy may grow by 6% this year, which is lower than his earlier forecast of 6.5%, but there has been no fundamental change so far.

In a speech prepared for an online event organized by the University of St. Lawrence, New York Fed President Williams said: "Assuming that the economy continues to improve as I expected, it is appropriate to start slowing down the pace of asset purchases this year. I will carefully evaluate. The upcoming job market data and what it means for the economic outlook will also assess risks such as the impact of the Delta mutant strain."

St. Louis Federal Reserve President Brad said in an interview with the Financial Times: “The overall situation is that the scale of debt reduction will begin this year and will end in the first half of next year.” He pointed out that there are jobs, but workers. We may be reluctant to accept these jobs now. The Fed should gradually reduce asset purchases before the end of the first quarter to give the Fed more “selectivity” to adjust interest rates.

The market is also concerned about the European Central Bank's upcoming New Deal at 19:45 GMT+8. The decision may be a symbolic step towards the lifting of emergency financial aid, while still hinting at a lot of support in the coming years.