Gold crashes down as investors await Fed Chair speech

Discussion in 'Metals' started by Profiforex_Victory, Aug 25, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Gold prices had crashed down to a fresh four-week low today. This decline increases the losses of gold after two U.S. economic reports had risen up the possibility of the Federal Reserve increasing interest rates. Investors are critically looking forward to interest rate hike increase in coming months.

    A very crucial speech will be coming from Fed Chair Janet Yellen in a summit of central bankers to hold at the Jackson Hole on Friday.

    Gold for December delivery on the Comex division of the New York Mercantile Exchange had dropped down to an intraday low of $1,321.05 for an ounce. Gold has not really fallen this low since July 27.

    The count of individuals who filed for initial jobless benefits had declined by 1,000 last week; bringing the data to a five-week low of 261,000, according to the US Labor Department. What analysts were hoping for from the jobless claims was an increase of 3,000 to 265,000 last week.


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