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Gold Slips As Rate Cut Expectations Ease Ahead Of Fed Meet

Eray Bekir
Market News

Gold prices slipped further on Monday after sliding from a more-than-14-month high the previous session following upbeat U.S. economic data that dampened expectations the Federal Reserve would ease interest rates.

Spot gold edged 0.1% lower to $1,340.20 per ounce. Prices had surged to $1,358.04 on Friday, its highest since April 11, 2018.

U.S. gold futures settled $1.60 lower at $1,342.90.

“We had some very good retail sales and some very good industrial production figures come out on Friday,” said Jeffrey Christian, managing partner of CPM Group. “What we are seeing today is some pullback from excessive bullishness last week, because of expectations the Fed might lower interest rates.”

Oil prices fell on Monday after more poor Chinese economic figures fanned fears of slowed worldwide oil demand.

Losses were limited, however, from worries about supply and increased tensions in the Middle East following last week’s attacks on two oil tankers in the Gulf of Oman. The United States blamed the attacks on Iran but Tehran denied involvement.

Brent crude futures for August delivery fell $1.18 to $60.82 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 1.1% to settle at $51.93 a barrel.



International Financial Markets Department

Euro-Finance Ltd.



*This material should not be considered as a recommendation for buying/selling securities.