Fed Set to Raise Rates Again
✅ Draghi’s comments come ahead of the Fed’s two-day meeting and anticipated rate hike Wednesday, but they also come as the Bank of Japan sounds slightly less dovish and other central banks raise their interest rates.
European Central Bank
ECB Still Sees Bond Buying Phased Out as Rates Stay on Hold – Gold Silver Reports
The Frankfurt-based institution said it will buy 15 billion euros ($17 billion) of assets a month from October to December, and that a decision to halt the program after that continues to be contingent on incoming economic data. Policy makers reiterated that interest rates will remain at their present record lows “at least through the summer” of 2019.
Gold Testing Critical Support But Analysts Still See Potential Next Week — Kitco News Report
Gold Silver Reports (GSR) – Gold futures are preparing to end the week with heavy losses with August gold last traded at critical support at $1,280.40 an ounce, down 1.71% from last week. The lost comes a day after gold prices rallied to a four-week high. This is gold’s worst week in a month as prices dropped more than 2% the week of May 14.
Draghi Ends ECB Bond-Buying Era Saying Economy Can Beat Risk
Gold Silver Reports (GSR) – Draghi Ends ECB Bond-Buying Era Saying Economy Can Beat Risk — Mario Draghi said the euro-area economy is strong enough to overcome increased risk, justifying the European Central Bank’s decision to halt bond purchases and close an extraordinary chapter in the decade-long struggle with financial crises and recession. The euro fell after the central bank also pledged to keep interest rates unchanged at current record lows at least through the summer of 2019, a longer timeframe than investors had priced in. Policy makers will phase out bond purchases by the end of this year in what Draghi described as a unanimous decision.
Draghi Insists Outlook Is Solid as ECB Skirts QE Debate Again
Gold Silver Reports (GSR) – Draghi Insists Outlook Is Solid as ECB Skirts QE Debate Again — The Governing Council spent its two-day meeting assessing a raft of weaker economic data, the ECB president said at a news conference in Frankfurt. While acknowledging that momentum softened at the start of the year, he reaffirmed his confidence in the durability of the euro-area expansion.
Gold MCX India Under Buying Zone; Support Key @31211—31070
Gold Silver Reports (GSR) – Gold MCX India Under Buying Zone; Support Key @31211—31070 — Gold prices seen pressure as the dollar jumped and U.S. Treasury yields continued to rise on signs of U.S. economic strength and an easing in the U.S.-China trade conflict.
Gold Prices Near five-week Low as Higher Dollar By Neal Bhai Reports
Gold Silver Reports (GSR) – Spot gold was up 0.05% at $1,323.66 per ounce at 03.51am GMT (9.21am IST), after falling by as much as 0.9% to $1,318.51 in the previous session, its lowest since 21 March. US gold futures gained 0.1% $1,324.7 an ounce.