Today’s data calendar is relatively quiet, with only Eurozone producer price inflation and the U.K. CIPS Construction PMI. How will gold behave today? Let's look into this 3 October Gold Fundamental Analysis from HotForex.
The jobs index also rose, to a 6-year high of 60.3 in September from a prior 6-year high of 59.9. For construction, we saw a 0.5% August rise after upward revisions across the private construction components, though public construction was revised down sharply, and we now have a new cycle-low for that measure in July before a 0.7% August bounce.
3 October Gold Fundamental Analysis (Video)
The dollar has continued to find demand, posting gains versus the euro, yen, sterling and Australian dollar, among other currencies. Gold fell to 1.5 month lows of $1,268, weighed down by a firmer dollar, higher Treasury yields, and prospects for a December Fed rate hike.
Another weekend with no N. Korea missile/nuclear antics has also taken some bid out of the contract.
Meanwhile, the Australian dollar came under some pressure after the RBA left policy on hold, as was widely expected, but as the accompanying statement of Governor Lowe remained non committal in tone, acknowledging improving economic growth but reaffirming that the inflation outlook remains subdued.
3 October Gold Fundamental Analysis article was written by Stuart Cowell, the Market Analyst at HotForex. This article is provided as a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
All information comes from reputable sources. Hence, any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Any investment of this nature involves a high level of risk for which the users are solely responsible and liable.