GOLD: Gold briefly rose above $2,000 as the dollar fell.

Nov 22, 2023

Gold surpassed the threshold of 2,000 USD/oz in Tuesday's trading session thanks to expectations that interest rates of the US Federal Reserve (Fed) have peaked. The latest meeting minutes show that the central bank is quite cautious about raising interest rates further.

Spot gold contracts increased 1.07% to 1,998,356 USD/oz after at one point during the session hitting a 3-week high of 2,007.29 USD/oz. Gold futures contracts in the US also increased 1.1% to 2,001.60 USD/oz.

Nov 22, 2023

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"The bulls are aggressively stocking up on gold ahead of the Thanksgiving holiday," said Tai Wong, an independent metals trader based in New York.
Fed officials agreed at their most recent policy meeting that interest rates could only rise if future information suggests that inflation will decline, according to minutes released Tuesday. Development has not made the necessary progress.
The dollar has fallen to its lowest level in two-and-a-half months, making gold less attractive to holders of other currencies. The yield on the 10-year U.S. Treasury bond is also hovering around the two-month low hit last week. Signs of easing US inflation have raised expectations that the Federal Reserve will refrain from raising interest rates. And when interest rates fall, the opportunity cost of owning gold decreases.

Nov 22, 2023

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Nov 22, 2023

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The US dollar increased slightly after a decline in recent days, helping the USD/JPY pair increase 0.4% on the day to 148.90. There aren't any events driving this increase as bond yields continue to move sideways today. Meanwhile, AUD/USD is currently down 0.3% to 0.6535 after approaching its 200-day MA

Things seem to be gradually stabilizing as the Asian session nears its end.

Nov 22, 2023

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The USD has a recovery rhythm after yesterday's sharp decline.
During the US session, the preliminary Consumer Confidence Index for November in the Eurozone region was announced.
Before the Thanksgiving holiday, durable goods data for October will be released along with the US Department of Labor's Unemployment Benefits.
In the FOMC meeting minutes, the Fed continued to emphasize the importance of economic data while demonstrating their caution in making policy decisions. However, the document shows that members think tightening policy would be appropriate if the fight against inflation runs into difficulties. The 10-year US Treasury bond yield stabilized at about 4.4% after the above information