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Market News The international gold price looks at US$1,807
The international gold price looks at US$1,807
On November 2, the international gold price bottomed out and rebounded, as the US dollar index turned down, increasing the attractiveness of gold to holders of other currencies. The gold price looks at $1,807 in the market outlook. As concerns about inflation continue to heat up, investors are paying attention to the Fed's key policy meetings.
2021-11-02
11280
On Tuesday (November 2), the international gold price bottomed out and rebounded, as the US dollar index turned down, increasing the attractiveness of gold to holders of other currencies. The gold price looks at $1,807 in the market outlook. As concerns about inflation continue to heat up, investors are paying attention to the Fed's key policy meetings.
At GMT+8 13:33, spot gold rose 0.08% to 1,794.80 US dollars per ounce; the main COMEX gold contract rose 0.01% to 1796.0 US dollars per ounce; the dollar index fell 0.01% to 93.867.
The Fed's two-day policy meeting will end on Wednesday (November 3). Prices and wage growth are operating at high levels for decades, which may pose a challenge to the Fed as they try to maintain a balance between curbing inflation and giving the economy as much time as possible to restore employment.
U.S. manufacturing activity slowed in October, and all industries reported record delays in the delivery of raw materials, indicating that tight supply chains continued to restrict economic activity at the beginning of the fourth quarter.
Goldman Sachs advanced its forecast of the timing of the first interest rate hike after the new crown epidemic in the United States by one year to July 2022, because the bank expects the inflation rate to remain high.
The Bank of England will usher in the most unpredictable interest rate decision in years this week, making investors and analysts nervous about the possibility of raising interest rates for the first time since the epidemic hit the world economy.
On the hourly chart, the price of gold is in the upward wave iii starting from $1772. The upper resistance looks at the 23.6% target of $1794 and the 38.2% target of $1807. Wave iii is a sub-wave of the upward wave (iii) that started at $1721.
At GMT+8 13:33, spot gold rose 0.08% to 1,794.80 US dollars per ounce; the main COMEX gold contract rose 0.01% to 1796.0 US dollars per ounce; the dollar index fell 0.01% to 93.867.
The Fed's two-day policy meeting will end on Wednesday (November 3). Prices and wage growth are operating at high levels for decades, which may pose a challenge to the Fed as they try to maintain a balance between curbing inflation and giving the economy as much time as possible to restore employment.
U.S. manufacturing activity slowed in October, and all industries reported record delays in the delivery of raw materials, indicating that tight supply chains continued to restrict economic activity at the beginning of the fourth quarter.
Goldman Sachs advanced its forecast of the timing of the first interest rate hike after the new crown epidemic in the United States by one year to July 2022, because the bank expects the inflation rate to remain high.
The Bank of England will usher in the most unpredictable interest rate decision in years this week, making investors and analysts nervous about the possibility of raising interest rates for the first time since the epidemic hit the world economy.
On the hourly chart, the price of gold is in the upward wave iii starting from $1772. The upper resistance looks at the 23.6% target of $1794 and the 38.2% target of $1807. Wave iii is a sub-wave of the upward wave (iii) that started at $1721.
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