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Look forward to Hints from The Fed, gold Near Lowest Level in 4 Weeks



Gold Trding Price - Gold touched the lowest level in four weeks on Thursday, stressed the good economic data from the U.S. and await the speech of the Chairman of the Federal Reserve, Janet Yellen, to look at the instructions of the U.S. central bank's monetary policy.

Economic data from the US showed weekly unemployment benefit claims dropped to 261,000 on last week from the previous week's 262,000. Core durable goods orders sped up 1.5% in July, from previously-0.4%, and well above the forecast of 0.4%.

The market participants expect Yellen gave a clear signal will be the rate of increase in interest rates at a meeting of global central bank in Jackson Hole, Wyoming, later Friday. The annual meeting has been started since Thursday, and some Federal Reserve officials support the increase of interest rates again seeing an increase in the condition of the labor market and inflation.

Based on proprietary CME Group FedWatch devices, markets now predict the probability of a rise in interest rates in September amounted to 24% and around 50% in December.

Gold trade on Thursday ended at level 1322.30, and yesterday at 6.31 PM traded dikisaran 1321.04.


This post first appeared on Forex Today, please read the originial post: here

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Look forward to Hints from The Fed, gold Near Lowest Level in 4 Weeks

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