The strengthening of the US dollar once again puts significant pressure on gold prices

Huitong Network3month2Daily News - Thursday(3month2day)goldT+DNarrow volatility, currently trading at278.24element/Ke, the expectation of the Federal Reserve raising interest rates this week has significantly increased, and the strengthening of the US dollar has put significant pressure on gold prices. However, news of strong physical demand from India has temporarily helped gold prices barely stay at10Daily moving average277.46Above the yuan, the intraday data is relatively light, and the market is still paying attention to the speech of Federal Reserve Chairman Yellen on Saturday morning.

goldT+DPrudent defense10Daily moving average, supported by physical demand for gold

According to observations from Huitong.com, in addition to many previous hawkish speeches by local Federal Reserve chairpersons, in the past two days, voting Federal Reserve officials such as Vice Chairman Dudley and Director Brainard have continued to use strong hawkish language. The economic status brown book released by the Federal Reserve in the early hours of the morning also shows that labor shortages have intensified in some regions, jointly contributing to the Federal Reserve's efforts3Monthly interest rate hikes provide support.

Federal Reserve Director Brenard stated on Thursday that, given the improved global economic situation and sustained growth, preparations should be made to raise interest rates soon. The Federal Reserve is approaching the dual goals of employment and inflation, allowing for continued moderate interest rate hikes, inflation rates gradually moving towards target levels, and the United States is approaching full employment.

According to the US federal funds rate, the Federal Reserve3The probability of a monthly interest rate hike has reached as high as80%; Last week, the data was only for32%. This suppresses the price of gold, overnight goldT+DAt one point, it hit a four-day low to276.86element/Gram.

On the other hand, there is some positive news coming from India.

Precious Metals Consulting CompanyGFMSWednesday(3month1day)Preliminary data released shows that India2Monthly gold imports jump to increase50Tons, with a year-on-year increase of over82%Benefiting from the accumulated demand for jewelry and retail consumers increasing their purchases of gold for weddings. This provides strong support for gold prices on the fundamentals.

Huitong warned that the news within the day was relatively light, and trading and investment may be restricted. Investment needs to pay attention to the trend of the US dollar index102The checkpoint may once again put pressure on gold prices; In addition, on Saturday Beijing time(3month4day)Federal Reserve Chairman Yellen will give a speech, and investors need to pay close attention. This will also be the last speech by a Federal Reserve official before the Fed's interest rate decision, and it will enter a period of silence next week.
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