by Joerg Bernhard
In the run-up to the Fed’s interest rate decision on Wednesday, the yellow precious metal is showing negative signs in early Tuesday trading. One is already priced in on the financial markets rate hike by 25 basis points. The FedWatch tool of the futures exchange operator CME Group shows a probability of over 97 percent for this scenario, with the remaining three percent pointing to a rate hike of 50 basis points. It would be important for a sustained gold price strength that the statements of the Fed are relatively “dove-like”. By the way: One day after the Fed meeting, the ECB and the Bank of England will also publish their interest rate decisions.
On Tuesday morning, the gold price presented itself with declining quotations. By 7:30 a.m. (CET), the most actively traded futures on gold (February) was down 8.80 to $1,914.10 per troy ounce.
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Crude Oil: Negative sign again
The oil price has been trending lower for three trading days. In the run-up to the virtual OPECplus meeting on Wednesday, many market participants apparently switched to risk-off mode. Analysts assume that no change in the current funding policy will be decided. The weekly report from the American Petroleum Institute, which is scheduled for publication at 10:30 p.m. and could have a significant impact on the trend for tomorrow’s trading day, should now attract increased attention. According to a survey of analysts published by Trading Economics, stocks of oil are said to have fallen by a million barrels and stocks of gasoline have increased by a million barrels.
On Tuesday morning, the oil price presented itself with declining quotations. As of around 7:30 a.m. ET, the next-dated WTI future is down 0.42 to $77.48, while its Brent counterpart is down 0.38 to $84.12.
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