Gold widens loss due to pressure from Fed
The front-month August gold contract on New York’s Comex settled at $1,933.80 an ounce, down $10, or 0.5%, on the day. The session low of $1,920.45 came close to the three-month bottom of $1,919.85 struck on Friday.
The spot price of gold, which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,913.26 by 16:35 ET (20:35 GMT), down $9.91, or 0.5%.
The slide in gold came as latest consumer confidence data showed Americans still spending with little restraint despite their complaints about the economy.
Sales of new homes in the United States, meanwhile, jumped 20% year-on-year last month.
Taken together, the home sales and consumer confidence readings suggested that a Federal Reserve-monitored reading on inflation due on Friday could also come in stronger than expected.
In the 12 months through April, the headline Personal Consumption Expenditures, or PCE index, along with core PCE, which strips out volatile food and energy prices, were running well above the Fed’s 2% target.
XAUUSD SELL 1923 - 1920 💯💯
✅ TP1: 1917
✅ TP2: 1912
✅ TP3: 1909
🛑 SL: 1926
The spot price of gold, which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,913.26 by 16:35 ET (20:35 GMT), down $9.91, or 0.5%.
The slide in gold came as latest consumer confidence data showed Americans still spending with little restraint despite their complaints about the economy.
Sales of new homes in the United States, meanwhile, jumped 20% year-on-year last month.
Taken together, the home sales and consumer confidence readings suggested that a Federal Reserve-monitored reading on inflation due on Friday could also come in stronger than expected.
In the 12 months through April, the headline Personal Consumption Expenditures, or PCE index, along with core PCE, which strips out volatile food and energy prices, were running well above the Fed’s 2% target.
XAUUSD SELL 1923 - 1920 💯💯✅ TP1: 1917
✅ TP2: 1912
✅ TP3: 1909
🛑 SL: 1926
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