Gold prices went incredibly high on Wednesday

Gold prices went incredibly high on Wednesday

By: Simon Furman | Where To Trade | On:Wednesday, 18 January 2017
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  The gold prices went incredibly high on Wednesday, as investors are waiting for Federal Reserve Chair Janet Yellen's speech later in the day on monetary policy.
More than that, investors are waiting for the  results of U.S. inflation data. 

  Gold delivery for February on the Comex division of the New York Mercantile Exchange kept constant at $1.212.65 troy per ounce. 
The dollar index rose by 0.3%, up to 100.5 on Wednesday.

  Meanwhile, markets and investors are more preoccupied by the inauguration of Donald Trump this Friday. After the inauguration, markets and investors await details on Donald Trump's tax reform, deregulation, policies in China and infrastructure spending. 

  Janet Yellen's speech is awaited because gold is dependent on Federal Reserve's  number of interest rates in 2017.
In the past weeks, gold was supported by the ambiguity on the Federal Reserve's exact number of rate hikes in 2017.

  The Silver futures for the month of Futures rose by 0.1%, going $17.16 a troy per ounce. 
Platinum went down 0.55%, going $977.60.
Palladium tumbled 0.9%, going at $746.42 per ounce.
Copper futures fell 0.1%, going $2.623 per pound. 

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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