Research

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Daily Resources Overview

 
Gold prices are trading modestly higher in early-afternoon U.S. trading Wednesday. The precious metals are being supported by bullish outside market forces that include a weaker U.S. dollar index and higher crude oil prices today. June gold futures were last up $3.20 an ounce at $1,311.50. May Comex silver was last down $0.006 at $15.205 an ounce. The afternoon release of the minutes of the last Federal Open Market Committee meeting saw the majority of FOMC members believing U.S. interest rates should remain at present levels the rest of this year, due to expected slower U.S. economic growth in the early part of this year. The members also mentioned uncertainties regarding world trade and Brexit could constrain world economic growth prospects. The FOMC members said inflation remains tame and non-problematic. The markets, including gold and silver, reacted little to this report. The FOMC minutes in the past have sparked higher volatility in markets, in the immediate aftermath of their releases. The other major U.S. data point today saw the consumer price index for March came in at up 0,4% from February and up 1.9%, year-on-year. The report was expected to be up 0.3% from February and up 1.8%, year-on-year. Markets showed no major reactions to the news. The European Central Bank held its regular monetary policy meeting Wednesday and left interest rates and policy unchanged, as expected. Traders will closely monitor remarks from ECB President Mario Draghi at his press conference. On the Brexit front, European Union officials will meet today to discuss extending a window for the U.K. to leave the bloc. If no extension is granted by the EU, then this Friday the U.K. would see a “hard exit,” which could roil European stock and financial markets.
 
11/04/2019 9:00:00 AM

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