Gold climbs to new record-high above $3,700
The post Gold climbs to new record-high above $3,700 appeared on BitcoinEthereumNews.com. Gold (XAU/USD) extended its rally in the second half of the day on Tuesday and reached a new record-high above $3,700. The broad-based selling pressure surrounding the US Dollar (USD) helps XAU/USD continue to push higher as investors gear up for the Federal Reserve’s (Fed) monetary policy announcements on Wednesday. Gold daily chart Although markets widely expect the Fed to cut the policy rate by 25 basis points (bps), the revised Summary of Economic Projections and the voting pattern within the Federal Open Market Committee (FOMC) could hint at dovish voices growing louder. Senate Republicans confirmed on Monday White House economic adviser Stephen Miran to join the Federal Reserve Board. Miran, who is seen as a dove with the potential to prefer a 50 bps cut, will be able to vote at the upcoming meeting. Additionally, Fed Governors Michelle Bowman and Christopher Waller – a candidate to replace Chair Powell next year – could look to send a message by reflecting a dovish stance, as they did in July’s meeting. Meanwhile, latest macroeconomic data releases from the US fail to support the USD. The US Census Bureau reported that Retail Sales increased by 0.6% on a monthly basis in August, beating the market expectation of 0.2%. Other data showed that Industrial Production expanded by 0.1%. Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Central banks are the biggest…
The post Gold climbs to new record-high above $3,700 appeared on BitcoinEthereumNews.com.
Gold (XAU/USD) extended its rally in the second half of the day on Tuesday and reached a new record-high above $3,700. The broad-based selling pressure surrounding the US Dollar (USD) helps XAU/USD continue to push higher as investors gear up for the Federal Reserve’s (Fed) monetary policy announcements on Wednesday. Gold daily chart Although markets widely expect the Fed to cut the policy rate by 25 basis points (bps), the revised Summary of Economic Projections and the voting pattern within the Federal Open Market Committee (FOMC) could hint at dovish voices growing louder. Senate Republicans confirmed on Monday White House economic adviser Stephen Miran to join the Federal Reserve Board. Miran, who is seen as a dove with the potential to prefer a 50 bps cut, will be able to vote at the upcoming meeting. Additionally, Fed Governors Michelle Bowman and Christopher Waller – a candidate to replace Chair Powell next year – could look to send a message by reflecting a dovish stance, as they did in July’s meeting. Meanwhile, latest macroeconomic data releases from the US fail to support the USD. The US Census Bureau reported that Retail Sales increased by 0.6% on a monthly basis in August, beating the market expectation of 0.2%. Other data showed that Industrial Production expanded by 0.1%. Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Central banks are the biggest…
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