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Gold will support the minimum yield of US government bonds since February

As of 11:30 morning trading 21 June at COMEX, division of the New York Mercantile Exchange, August gold futures prices rise by 0,77% - up to the mark in 1782,40 dollar per troy ounce.

Gold will support the minimum yield of US government bonds since February

Following the auction 18 June, the cost of the precious metal increased by 0,02% - to 1769,35 dollar per troy ounce. The focus of investors is on the dynamics of the American currency.

The past week for gold turned out to be one of the hardest, the main reason for the fall was the sharp rise in the dollar on the world stage. DXY Index, showing the ratio of the dollar to a basket of six currencies, passed the mark in 92 point after the Federal Reserve meeting (FRS) USA.

US regulator hinted at imminent tightening of its monetary policy - according to official statement, The Fed intends to raise its key rate twice in 2023 year, what says, that the curtailment of measures to support the country's economy will begin no later than 2022 year, and possibly at the end of this year.

During the current trading day, gold quotes are gradually recovering their positions, supported by the yield on ten-year US Treasuries, which at the moment dropped below the value in 1,4%, which has become the minimum since February 2021 of the year.

Further dynamics of the price of the precious metal will depend on the speech of the head of the Fed Jerome Powell, scheduled for 22 June this year. During his speech, a representative of the American regulator will comment on the current market situation, inflation rate and further action, which the Fed intends to undertake in the current environment.

The range of gold prices has become lower and will remain in the range of $ 1760-1820 per troy ounce, say experts of the financial analytics department ABF "Economics today»*.

* This forecast is the opinion of the editorial board., and does not serve as a recommendation for performing transactions in the financial markets.

Evgeny Ryumkin

A source