Gold prices stabilize at three-week high ahead of Yellen's comments

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Gold prices traded in a limited range during trading today, Thursday, in the European session, to settle trading near its three-week high recorded yesterday. for the future of monetary policy this year.

At exactly 09:25 GMT, gold prices settled at $ 1246.50 an ounce from the opening price of the trading session at $ 1246.99, and it recorded the highest price per ounce at $ 1248.38, while the lowest price was recorded at $ 1244.18.

Gold prices ended their session yesterday

Reversing gains by about 0.4% in the sixth consecutive daily rise, recording the longest daily wave of gains since mid-January, as it recorded its highest level in three weeks at $1,251.18 per ounce. These large gains made by gold during that period come at the expense of The sharp decline of the US dollar against many other major currencies.

It is scheduled to deliver the principal of the Federal Reserve Bank

Janet Yellen folded an opening speech at the Federal Reserve's Community Development Research Conference in Washington, and Yellen is likely to talk about the future of monetary policy this year and the timing of raising interest rates this year, especially after the bank raised interest rates during its mid-day meeting. This month.

It is noteworthy that “Janet Yellen” confirmed that the Reserve Bank would proceed with the gradual increase in interest rates based on the previously determined schedule, and also said that the bank would bear the effects of a rise in interest rates.

gold prices

Inflation rates for the target percentage of the bank.

It is expected that the US economy will release data later in the day for the labor sector, which is represented in weekly unemployment benefits, in addition to other data on the housing sector, which is represented by:

in new home sales for the month of February.

Yesterday, the gold holdings of the “SPDR Gold Trust” fund, one of the largest global gold-backed funds, stabilized unchanged, leaving the total holdings at 834.40 metric tons.

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Mohamed Abdel Khaleq
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