The focus will also be on several important data from the US economy on durable goods orders and initial jobless claims scheduled for later Wednesday, while financial markets will remain closed in the United States and Japan on Thursday for public holidays in the country.

Here are the main forex news for this week:

Monday 20 November

Mario Draghi, President of the European Central Bank, is scheduled to give his testimony on the economy and monetary policy at the European Parliament in the Belgian capital, “Brussels”.

Tuesday November 21

The Australian Central Bank will announce the benchmark interest rate, in addition to publishing a statement on policies that determine economic conditions and the factors that would affect monetary policy decision, and Britain will announce its data on public sector lending, and this will be “Mark Carney.” The Governor of the Bank of England, speaking before the Treasury Select Committee in “London”.

Also later on Tuesday, Canada is scheduled to release its data on wholesale sales, and in the United States a report on existing home sales is scheduled to be published, Federal Reserve Chair Janet Yellen will speak at an event in New York. “.

Wednesday November 22

The British government will announce its balance sheet, and many important data are also scheduled to be released in the United States on durable goods orders and initial jobless claims, on the other hand, the Federal Reserve will announce the minutes of its last meeting as well as publish a statement on policies That determines the economic conditions and factors that affect the monetary policy decision, and in New Zealand several important data on retail sales are due to be revealed.

Thursday 23 November

The financial markets in Japan are scheduled to remain closed for public holidays in the country, and the markets in the United States will also remain closed for the “Thanksgiving” holiday, on the other hand, the eurozone will publish its data on the activity of the manufacturing and service sectors, and this will Britain released its revised data on economic growth during the third quarter of this year.

On Thursday, Canada is also scheduled to release its report on retail sales, on the other hand, Thomas Jordan, President of the Swiss National Bank, will speak at an event in Basel, Switzerland.

Friday 24 November

New Zealand is to release data on the trade balance, and the Ifo institute is to publish a report on German economic sentiment.

At 08:35 GMT, gold prices rose, gaining $3.80, or 0.3%, to reach the price of an ounce at $1250.20, after recording its lowest level in a month and a half at 1236.50 during the last session’s trading due to the rise in global stock indices, which weakened the demand for buying havens. Safe.

At 17:00 GMT, the President of the Federal Reserve, Janet Yellen, will speak at the British Academy in London. .

On the same day, the President of the Reserve Bank of Philadelphia, Patrick Harker, will speak about his economic outlook and international trade at the Center for European Economics and Finance in London.

Several members of the Reserve Bank had stated earlier their support for raising interest rates for the third time, despite the weak economic data, while investors' doubts about the bank's ability to raise interest rates for the third time in a row increased.

On the economic data front, the US economy will release its house price index and other data on consumer confidence later in the day.

As for other precious metals, silver prices rose to gain 6.5 cents, or 0.4%, to reach the price of an ounce at $16.63, after hitting a seven-week low of $16.22.

Platinum also rose by about 0.4% to reach a price of $921.45, while palladium settled at its levels unchanged at $864.05.

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But there are many traders who do not know how to trade gold on the futures exchange and the “CME” group, which is one of the largest global markets for trading all commodities futures.

How does gold get to the futures exchange?

Extraction process and alloy production:

At first, the gold is extracted from the mines by the refining companies, then it is purified and alloys are made through the laboratories and refining companies with international standards, and thus the gold becomes ready.

Those ingots are owned by the refining companies that bought them from the mines or the companies that refined or refined them to other companies.

The transfer process:

After preparing the gold bullion according to international standards, the other process comes, which is the transfer process to the warehouses of the futures exchange “COMEX” through safe companies specializing in highly accurate security systems, which are located in Richmond, namely “Brinks”. Via Mat International, the transfer process is carried out through trusted and accredited companies.

Editing delivery receipts to start trading in the stock exchange

After the bullion reaches the warehouses of the futures exchange, it is ready for gold to be traded in the stock exchange, where the delivery receipts are released, which are like title deeds that are transferred from one party to another. Usually, these receipts remain with the brokerage companies that supervise the trading operations.

The relationship between gold stocks and price movements

There is a direct relationship between gold stocks on the Comex Stock Exchange and its prices. When gold prices fall, the stock tends to decline.

How is gold future contracts traded?

Futures trading is an agreement to buy or sell a specified amount at a specified time in the future and to agree on its price in advance.

The main motive that makes companies operating in gold, whether working in miners or jewelry makers, resort to trading in future contracts is to hedge against price fluctuations, and traders resort to trading in futures contracts in order to achieve profits from high or low prices.

For this reason, most deals close ahead of schedule, not only on gold contracts, but all other commodity contracts, so most of the market participants are traders, and companies operating in gold trade in futures contracts in order to hedge against price fluctuations.

The price of gold rose during trading today, Wednesday, achieving the fifth daily gain in a row, in the longest series of daily gains in a month. In addition, the markets are increasingly concerned about the policies of US President Donald Trump.

Currently, gold futures contracts for “June delivery” are trading at $1,2354.80 per ounce, from the opening level of the trading session at $1,236.40.

The US dollar index fell during today's trading by 0.23% to trade at 97.31 points, the lowest in six months from the opening level at 98.09 points.

These heavy losses come in light of renewed market concerns about US President Donald Trump's ability to implement his economic plans against the backdrop of increasing internal political tensions in the United States after US President Donald Trump dismissed the Director of the Federal Bureau of Investigation, James Comey, after he rejected Trump's request. The failure to investigate his security advisor, Michael Flynn, in the incident of Russian interference in the previous US elections.

Comey has published a report that Trump was involved in leaking highly classified information to Russian Foreign Minister Sergei Lavrov during their meeting in the White House last week about a plan developed against the Islamic State, which is a major scandal in the White House.

On the other hand, the American Democratic Party commented on these events as a major scandal and a blatant interference with the integrity of the American judiciary, as it considered it a crime and its perpetrators must be held accountable, while the American Congress requested all documents related to this issue in order to investigate this case and show the truth to the American people.

On the other hand, the US economy issued a set of negative data this week, which negatively affected the prospects for the decision to raise interest rates during the Federal Reserve’s meeting next June, which in turn negatively affected the levels of the US dollar and pushed it to decline against many major currencies. other.

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At exactly 09:40 GMT, gold prices fell to reach the price of an ounce at 1253.82 dollars from the opening price of the trading session at 1256.45 dollars, and the highest price per ounce was recorded at 1256.79 dollars, while the lowest price was recorded at 1252.56 dollars.

At the conclusion of trading yesterday, gold prices settled without any change, trading near its lowest level in three weeks at 1251.89 dollars per ounce, which was recorded earlier in trading, and gold managed to reduce its losses after the decline in the yield on US 10-year bonds.

During today's trading, the US dollar index headed in the bullish direction to achieve gains by more than 0.3%, reclaiming its losses recorded yesterday, to reflect the increase in the US dollar's purchases against other major currencies, which negatively affected the gold levels and forced it to retreat due to the inverse relationship between them.

The US economy is scheduled to release later today, important data for the industrial sector

This is represented by the ADP index to measure new jobs in the private sector for the month of April, in addition to other data on the service sector, which is represented by the sector purchasing managers' index for the month of April.

The Federal Reserve will also issue the decisions of its meeting held since yesterday, at 18:00 GMT, to discuss the appropriate monetary policy for the situation of the US economy, and expectations indicate that the bank will remain on interest rates at their current levels unchanged at 0.75%-1.0%, and investors await details of The monetary policy that the bank will issue to know the future of interest rates during the current year, especially after the bank confirmed the possibility of raising interest rates three times during the current year.

Gold holdings of the “SPDR Gold Trust” fund, one of the largest global gold-backed funds, remained unchanged for the third day in a row, bringing total holdings at 853.36 metric tons, the lowest since April 18.

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At 10:40 GMT, gold prices rose to reach the price of an ounce at 1286.66 dollars from the opening price at 1284.62 dollars, and the highest price per ounce was recorded at 1287.14 dollars, while the lowest price was recorded at 1281.33 dollars.

The price of gold ended its trading yesterday, down by 0.5%, to record the first daily loss after gains that lasted four consecutive days, to enter this within the correction and profit-taking operations, after it recorded its highest level in five months at 1295.31 dollars per ounce.

Throughout last week’s trading, gold prices gained about 2.5%, to record the fifth consecutive weekly gain, in the longest weekly wave of gains since June 2016. These gains come due to the increased demand to buy gold as a safe haven in the markets.

During Tuesday’s trading, the US dollar index fell by 0.2%, recording the second consecutive daily loss, to reflect the extent of the increase in the dollar’s selling against other major currencies, especially low-yielding currencies, which would have been a strong motivation for the rise in gold prices due to the inverse relationship between between them.

The decline of the US dollar comes due to the impact of the weak data issued by the US economy, in addition to the recent statements by US President “Donald Trump” about the strength of the US dollar, which is detrimental to the competition of US companies against their peers, and the markets are awaiting the release of important US data on the housing sector and the industrial sector for the month of March .

Yesterday, the gold holdings of the “SPDR Gold Trust” rose by 6.51 metric tons, bringing the total holdings at 848.92 metric tons, the highest since mid-December 2016.

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At exactly 10:20 GMT, gold prices settled to trade an ounce at a price of $1253.45 from the opening price of the trading session at $1255.67, and the highest price per ounce was recorded at $1258.57, while the lowest price was recorded at $1252.67.

At the conclusion of yesterday’s trading, the gold price incurred losses by 0.1% for the first day in the last four days. These losses come after the US economy issued strong data for new jobs in the private sector for the month of March, which came better than expected, but the losses of gold were limited by what was included in the minutes Yesterday's Federal Reserve meeting.

Yesterday, the Federal Reserve published the details of the minutes of its last meeting, which was held in the middle of last month, and it included the bank’s commitment to implement the timetable for raising interest rates during this year based on economic data and its improvement during the coming period. About 4.5 trillion dollars and this will be discussed later this year, and this is expected to negatively affect interest rates during the coming period.

The US Department of Labor is scheduled to release tomorrow, Friday, the monthly report on the non-farm sector jobs in March, in addition to the unemployment rate and average wages, and these data will affect expectations of raising interest rates during the month of June.

Yesterday, the gold holdings of the “SPDR Gold Trust” fund, one of the largest gold-denominated funds in the world, remained unchanged for the second day in a row, bringing the total holdings at 836.77 metric tons, the highest since March 6.

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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.

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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At exactly 10:05 GMT, gold prices fell to reach the price of an ounce at $ 1212.45 from the opening price at $ 1215.48, and the highest price per ounce was recorded at $ 1218.44, while the lowest price was recorded at $ 1211.30, which is the lowest in five weeks.

At the close of trading on Tuesday, the gold price incurred losses by about 0.8% for the second consecutive day, due to the decline in the demand for buying safe investments in the financial markets in light of the strong expectations of raising US interest rates next week.

Expectations of raising interest rates during the Reserve Bank’s meeting that will be held next week have risen to reach 80%, and this rise comes after statements made by the bank’s president, “Janet Yellen” last Friday at the Executives Club in Chicago, in which she praised the strength of the US economy and the arrival of inflation rates. Growth and labor sector data are among the bank's targets, which may push the bank to raise interest rates in the near future.

During today's trading, the US dollar index rose by 0.2%, recording the third consecutive daily gain, which reflects the increased purchasing operations of the US dollar against other major currencies, especially European.

It is expected that the US economy will release many data related to the labor sector, as the ADP index to measure new jobs in the private sector for the month of February will be released today, and tomorrow, Thursday, it will announce the weekly jobless claims, which recorded last week the lowest levels since 1973, and on Friday, the monthly non-agricultural sector jobs report for February will be released.

Yesterday, gold holdings of the largest global index funds backed by gold “SPDR Gold Trust” settled at their levels unchanged, bringing the total holdings at 836.77 metric tons, the lowest since last February 10.