Gold Price Surges? BOE & Swiss Bank Policies in Focus Today


The dollar struggled for direction as US economic data weighed on the pace of US rate cuts, but political turmoil in Europe supported a weaker euro. Gold price traded neutral to positive


Meanwhile, the pound rose after data showed UK services inflation was stronger than expected. British inflation in May reached the 2 percent target for the first time in almost three years, data showed on Wednesday, but price pressures remained strong. of.


U.S. retail sales barely rose in May and previous month’s figures were revised down, data showed on Tuesday, suggesting that economic activity remained lacklustre in the second quarter.


Gold prices traded neutral to positive as lackluster U.S. economic activity fueled expectations that the Federal Reserve would cut interest rates this year.


Copper prices bounced as focus switched to shortages while fund buying added momentum, but concerns about demand prospects in top consumer China were highlighted by rising inventories.
After hitting seven-week highs, Crude oil prices retreated nearly half percent as summer demand optimism and concerns over escalating conflicts offset an industry report that said U.S. crude inventories unexpectedly rose.


MCX gold futures settled +0.02% to 71732.Silver settled +0.44% to 89475.Copper settled +0.35% to 854.55. Crude oil -0.78% at 6733. Natural gas -0.04% to 241.90


Economic data: Gold price, and Events Scheduled Today.


China

At 6.45am-

1-y Loan Prime Rate. Forecast 3.45%, unchanged.

5-y Loan Prime Rate. Forecast 3.95%, unchanged.

Above data could have a neutral impact on the Yuan.

Swiss National Bank

At 10.00am – SNB Financial Stability Report

At 11.30am- Trade Balance. Data is foreseen at 3.84B from previous 4.32B.

At 1.00pm-

SNB Monetary Policy Assessment. SNB Policy Rate. Forecast at 1.50%, unchanged.

At 1.30pm- SNB Press Conference.

Above policy could have a volatile impact on the dollar.

Eurozone

At 11.20am. German PPI m/m. Data is foreseen at 0.1% from previous 0.2%.

At 1.30pm- ECB Economic Bulletin.

At 7.30pm- Consumer Confidence

Above data could have a volatile impact on the Euro.

U.K.

At 4.30pm-

Monetary Policy Summary.

MPC Official Bank Rate Votes. Data is foreseen at 0-2-7 from previous 0-2-7.

Official Bank Rate. Expect to kept unchanged at 5.25%.

Tentative – BOE Inflation Letter.

Above data could have a volatile impact on the pound.

US

At 6.00pm-

Unemployment Claims. Data is foreseen at 235k, from previous 242K.

Building Permits. Data is foreseen at 1.45M, from previous 1.44M.

Philly Fed Manufacturing Index. Data is foreseen at 4.8, from previous 4.5.

Current Account. Data is foreseen at -207B, from previous -195B

Housing Starts. Data is foreseen at 1.37M, from previous 1.36M.

At 8.30pm-Crude Oil Inventories. Forecast -2.8M from previous 3.7M.

Above data could have a volatile on the dollar.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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