April 26, 2023 (MLN): International spot gold fell around 1% sharply last week amid interest rate fears amongst investors, with spot gold currently trading at $1,999.61, up slightly by 0.14%, and the U.S. gold futures standing at $2,010.1.
Gold prices remain range bound as market participants closely monitor the release of U.S. gross domestic product (GDP) data, scheduled on Thursday, as well as the personal consumption expenditures (PCE) data on Friday, right before the upcoming Fed’s policy meeting on 2-3 May.
Gold continues to trade below the $2000 key level and is trading around a must-hold level ( green box ) shown in XAUUSD weekly timeframe chart below, to continue bullish momentum. Losing this level will be a sign of weakness in the market.
Market participants are closely monitoring the developments for any significant news that could shift gold prices in either direction.
Michael Hewson, chief market analyst at CMC Markets, stated that the market’s future direction will be set by the tone of the Fed in the upcoming meeting.
Additionally, recent data showed U.S. consumer confidence dropped to a nine-month low in April.
The price of silver also remains stable, currently at $24.99 per ounce, which is a decrease of 0.04% from the previous session.
Copyright Mettis Link News
Posted on: 2023-04-26T16:13:30+05:00
The post Gold prices hover around $2000 ahead of U.S. economic data appeared first on Mettis Global Link .
Related News
Top Articles
-
![]()
Amazon slammed with £1.1B data abuse lawsuit from UK retailersThe British retailers association also takes aim at Amazon’s “Buy Box,” claiming that Amazon manipulated which retailers were selected for the...
-
![]()
NPS Subscribers Exceed 7.47 Crores, AUM Reaches 12.14 Lakh CroreThe National Pension System (NPS) was introduced for all Central Government employees (excluding armed forces) joining the workforce on or after...
-
![]()
HR Innovations That Will Change the Way You Manage Your TeamImage by drobotdean on Freepik Managing a team is evolving rapidly, thanks to groundbreaking HR innovations. Did you know that 72% of companies...
-
![]()
Black Streaming: Peep These Options And What They CostThere are now more Black-focused streaming services than ever before , some backed by big names and companies like Whoopi Goldberg and BET....
-
![]()
MarsCode: Experience the future of coding with AI assistanceDiscover more Ai business tools: Best Ai Marketing Tools Best Ai Tools for HR and Recruiting Best Ai Tools for Finance and...
-
![]()
Want to Get Smarter? Neuroscience Says 1 Uncomfortable Habit Will Help You Learn Faster and Retain MoreFortunately, the form of discomfort required isn't really uncomfortable at all, especially since you get to choose the form it takes.
-
![]()
Web Development for Startups: Biggest Challenges in 2024In 2024 startups face many challenges that can significantly impact their ability to build and maintain successful web applications. Navigating...
-
![]()
KumoAI: AI for relational dataDiscover more Ai business tools: Best Ai Marketing Tools Best Ai Tools for HR and Recruiting Best Ai Tools for Finance and...
-
![]()
Best National Donut Day freebies and deals 2024: Krispy Kreme, Dunkin’, Shipley, and moreToday (Friday, June 7, 2024) is National Donut Day, celebrated every year on the first Friday of June. The unofficial holiday is over 80 years...
-
![]()
Applications open for Women of Colour Executive ProgramCalling all ambitious Women of Colour in Victoria! Applications are now open for the second year of the Women of Colour Executive Leadership...