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There was no important economic data released in the European and American markets on Monday, so the speeches of Federal Reserve officials Dudley (Dd) and Plosser (r) undoubtedly stole the spotlight. Judging from the previous positions of the two Fed officials, Dudley is generally considered by the market to be more dovish. As one of the three giants of the Fed, his wording in previous speeches has been relatively consistent with Bernanke and Yellen. Plosser is a staunch hawkish supporter. He was one of the pioneers in encouraging the Federal Reserve to immediately taper in March.
The two men's speeches on Monday were expected by the market to be a tit-for-tat game, but the result was more or less unexpected. Prosseau naturally took the stance of his usual desire for an early reduction. Dudley's speech was unexpectedly very optimistic about the economy. Although the overall tone was still loose and he believed that the benefits outweighed the disadvantages, many market participants still used the topic to believe that he had not closed the door to early tapering.
New York Fed President Dudley (Dd) said on Monday that he was more confident in the prospects for U.S. economic recovery. He pointed out that the U.S. gross domestic product (D) growth rate in the third quarter was better than expected and the non-farm employment situation improved significantly in the month. Therefore, the U.S. economy is expected to accelerate growth in -2020.
The market expects that the Federal Reserve chairman candidate Yellen () will maintain stimulus measures, boosted by this, the spot price rose by about % in the first three trading days.
Fundamentally driven by strong U.S. non-farm payrolls data, the market last week reignited expectations that the Federal Reserve will scale back its stimulus policy in the short term. The rising trend of gold prices was suppressed. Gold prices fluctuated near one-month lows. At the same time, signs of China's economic growth stabilizing have also reduced market investors' expectations of maintaining loose monetary policy in the future, which has also depressed gold prices to a certain extent. Gold prices fell to their lowest since March last Tuesday at $.USD/oz. Afterwards, Yellen, the successor as chairman of the Federal Reserve, stated that the performance of the U.S. economy and job market was far below potential. Although this statement suggested that the Federal Reserve may maintain loose monetary policy for some time to come, it failed to drive a significant rebound in the prices of precious metals such as gold. Precious metals still ended lower. The performance ended the trading week. In the long term, the market still expects that the Federal Reserve will end its quantitative easing monetary policy in the near future, resulting in a slight lack of momentum for the rise of precious metals. The trend last week also reflects this characteristic to a certain extent.