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Yesterday Without major data and events, the market will not have the huge fluctuations of gold's single-day rise in the US dollar on the previous trading day. Gold closed slightly lower yesterday due to profit-taking by bulls and a slight rise in the U.S. dollar index, which market participants considered a normal market adjustment.
On Wednesday (June 2), the price of gold fell back after rising to a three-week high, with spot gold hitting its lowest intraday in the US market. The price of gold futures for monthly delivery on the New York Stock Exchange fell by .% in US dollars per ounce, closing at .USD/oz. There were no major economic data or economic events yesterday.
The Intercontinental Exchange U.S. Dollar Index, which tracks the exchange rate changes of the U.S. dollar against six major international currencies, rose by about .% at the close of the gold futures market on Wednesday. The U.S. dollar's rebound was one of the reasons for gold's decline.
At the same time, some market participants also believe that profit-taking is also a reason for the decline in gold prices. Due to poor U.S. economic data on Tuesday, the price of gold rose more than the U.S. dollar during the day, and bulls made huge profits, so they cashed out and caused the market to decline. Adam Kuss, president of Wealth Management, said
The price of gold has increased by .% in the last three trading days, and the price of silver has increased by %, both achieving the profit targets of some daily traders. So I think Wednesday's decline is a normal market correction.
It is worth noting that the world's largest yellow warehouse has decreased by . tons compared with the previous day. The current position is . tons, which is a huge difference from the increase of . tons on the previous trading day.
In addition, on October 1, Beijing time, the Federal Reserve released the Economic Beige Book. The Beige Book showed that the U.S. economy expanded moderately in month, but there was no sign of rising wage pressures except for jobs requiring high skills. However, the number of job openings in the United States reached 10,000 in March, a record high.
Today evening, the European Central Bank will announce an interest rate decision, and ECB President Draghi will hold a press conference later, asking investors to continue to pay attention to the Golden Ten data report.
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