Ekonomické zprávy

The cost of gold declined moderately ahead of Fed Chairman speech

Gold prices fell by 0.2% as the US dollar bounced back from earlier losses. Market participants are also adjusting their positions ahead of Fed Chairman Jerome Powell's speech.

The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.01% to 104.33. Earlier today, the index fell to 104.12.

Powell is due to deliver his semi-annual testimony before Congress on Tuesday and Wednesday. Meanwhile, weekly data on applications for unemployment benefits will be released on Thursday, and a key nonfarm payrolls report for February is scheduled to be published on Friday. Investors will closely follow the comments of the head of the Fed, as well as consider data on employment and wage growth, hoping to get hints about the future trajectory of interest rates. According to the forecast, initial jobless claims increased by 195 thousand last week, while the growth of nonfarm payrolls slowed to 200 thousand from 517 thousand in January.

According to the CME FedWatch Tool, investors see a 27.7% chance of a 50 basis point interest rate hike at the Fed's March meeting, although San Francisco Federal Reserve Bank President Mary Daly supported some of her colleagues, saying over the weekend that she prefers small rate hikes rather than a return to more aggressive steps.

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