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Gold off all-time highs as risk appetite improves

Source FxWire Pro Thursday, 30 Jul, 2020 08:57:27 GMT
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Gold prices declined, hovering away from all-time peak and halting a 9-day winning streak as the U.S. Federal Reserve’s pledge to support the coronavirus-ravaged economy boosted investor risk sentiment.

Spot gold was trading 0.8 percent down at $1,955.84 per ounce by 0815 GMT, having hit an all time high of $1,981.35 on Tuesday. U.S. gold futures fell 0.3 percent to $1,947.65.

Asian shares surged, boosted by the promise of ultra-easy monetary policy globally as the U.S. Federal Reserve left interest rates near zero to support the country’s economy.

On Wednesday, all FOMC members voted to leave the target range for short-term rates between 0 percent and 0.25 percent, indicating dimming hopes for a quick economic recovery. Fed Chair Jerome Powell promised the U.S. central bank would do what they can and for as long as it takes to recover from the epidemic.

U.S. congressional Republicans and Democrats struggled to reach a deal to provide more aid to those hurt by the coronavirus pandemic. Democrats want to extend the $600 jobless benefit for several more months, however, Republicans argued that it discourages workers from seeking employment and proposed temporarily reducing the federal payment to $200 a week.

Gold has gained over 30 percent so far this year and nearly 10 percent this month, supported by a weaker dollar, intensifying U.S. China tensions, worsening pandemic and likelihood of more stimulus.

Investors now await U.S. preliminary gross domestic product figures later in the day, which is expected to show a record 34 percent drop in annualized economic output last quarter.

The greenback against a basket of currencies traded 0.3 percent up at 93.54, having touched a low of 93.18 on Wednesday, its lowest since May 2018. The U.S. Treasury yields edged lower, with the benchmark 10-year note yield trading at 0.560 percent.

Source: FxWire Pro - Commentary
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