Spot gold peaked on Thursday at $1,765.47 a troy ounce, retreating from the level but holding on to modest intraday gains, now at around $1,758. A better market mood weighed on the greenback throughout the first half of the day, although losses were modest as investors are still waiting for central bankers’ words at the Jackson Hole Symposium.
The American currency recovered following the release of a revision to US Q2 Gross Domestic Product, from -0.9% to -0.6%. Despite still indicating a technical recession, the upward revision encouraged dollar bulls. Meanwhile, US indexes hover around their opening levels, confined to tight intraday ranges. In addition, government bond yields eased from their weekly peaks, limiting the dollar’s gains in the near term.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.