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Yesterday’s International Spot Gold It opened near US$/ounce, and after a slight rise in the Asian market, it began to fluctuate and fall back. The highest price during the day rose to slightly above US$/ounce, the lowest dropped to slightly below US$/ounce, and closed near US$/ounce. The overall trend was concussive and downward. . Gold prices hit a two-month low after Federal Reserve officials made hawkish remarks on interest rates, boosting the dollar. Market focus turned to U.S. non-farm payrolls data due later this week for further clues on the pace of interest rate hikes. In related markets, oil prices were affected by The strength of the U.S. dollar and worries about oversupply dragged down the price, and Iran said that its oil production will reach pre-sanctions levels by the end of the year. On the eve of the closing of electronic trading, data released showed that U.S. crude oil inventories continued to increase, and oil prices fell in response. Bulls' hopes of a rebound were completely frustrated. Focus on the evening America Month.
Fisher's interest rate hike remarks and good U.S. economic data support the dollar
On Tuesday morning, Fed Vice Chairman Fischer once again emphasized the hawkishness he expressed last week in an interview with Bloomberg TV speech. Fisher said he does not think it can be simply summarized that one rate hike will occur in an adult year. The path of interest rate hikes depends on the economy. The employment data shows that we are very close to full employment, but productivity growth is currently very slow, and hopefully over time productivity will pick up. Countries around the world are increasingly interconnected, and central banks have to solve problems in this globalized interconnection. The Fed does not intend to adopt negative interest rates, which would be very difficult for savers. Commerzbank foreign exchange strategists said that the appreciation of the US dollar after the Jackson Hole meeting was very modest, and if the Fed may raise interest rates two more times this year as Fischer predicted, we can expect the US dollar to be much stronger. But after all, the market didn’t believe it. A senior currency market analyst said that Fisher had previously emphasized that the monthly employment report will be a key factor. If the data is good, interest rates may be raised subsequently. Therefore, it is difficult for the market to make big changes before seeing the employment data.