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The Release Of The Fed's Treatise
Gold Futures on the COMEX Division of the New York Mercantile Exchange ended higher on Wednesday (Thursday morning GMT), ahead of the release of the US Federal Reserve meeting treatise in July. The most active gold contract for December delivery climbed 11 u.s. dollars, or 0.98 percent, to become settled in,90 1.127 u.s. dollars per ounce.
Gold got support because traders are speculating about the information contained in the release of the last meeting of the treatise open market Committee (FOMC) of the Federal. Analysts estimate the u.s. central bank will raise interest rates in September, assuming that labour data remains strong. The Fed's interest rate hikes push investors away from gold and assets with the rate of return, since the precious metal does not wear the interest rates.
Precious metals gained additional support when the report was released by the U.S. Labor Department showed the consumer price index rose 0.1 percent in July, which analysts say is lower than expected. The report also showed overall inflation increased 0.2 percent, which analysts noted as the second positive figures this year.
Analysts also said that the decline in global stock markets gave a boost to gold on Wednesday. Silver for September delivery rose 38,9 cents, or 2.63 percent, to close at 15,179 u.s. dollars per ounce. Platinum for October delivery increased 19 u.s. dollars, or 1.91 percent, to close at 1,013 .10 u.s. dollars per ounce.https://www.mql5.com/en/signals/120434
