Gold trades lower as dollar gains

Published on Jun 19, 2023 17:31

Gold futures were trading lower today as dollar firmed up after losing more than 1% last week after US kept the rates unchanged. However the trading range was quite narrow range following as the metal being supported by losses in equities and gains in US dollar. The dollar slightly rose on Monday as investors reviewed central bank actions and awaited the Bank of England`s decision later this week. The dollar index edged up 0.28% to 102.12. US markets were closed for a holiday today.

International bullion futures were last seen trading at $1962.70, down $8.5 an ounce. The metal had fallen to as low as $1936 levels last week, losing marginally over the week.

On economic data front this week, includes various Fed speeches. RBA meeting minutes and US Fed`s Bullard speech are on Tuesday while BOJ minutes, UK CPI, and Canada retail sales are on Wednesday. Thursday features the BOE interest rate decision and speeches by the US Federal Reserve`s Goolsbee, Mester, and Powell. On Friday, Japan`s inflation data, UK retail sales, and speeches by the Federal Reserve`s Bullard and Bostic will take place. These events will have an impact on market sentiment and provide insights into economic developments and policy decisions.