Decline in Gold Prices
Global gold prices witnessed a significant decline for the third consecutive session during Thursday’s trading,
following the release of the latest Federal Reserve meeting minutes,
which indicated a tendency among some officials to raise interest rates.
Topic
Gold
Despite the current monetary policy indicating that
the U.S. central bank’s benchmark interest rate will remain at its current level,
the minutes released on Wednesday also reflected discussions about the possibility of further increases.
Gold was shocked after the minutes made it clear to investors that interest rate cuts are not imminent.
Market Indices
Decline in U.S. Stock Indices
U.S. stocks fell at the end of Wednesday’s trading, with the indices registering losses in the oil and natural gas,
public utilities, and basic materials sectors.
At the close of the New York session, the Dow Jones Industrial Average closed down by 0.51%,
the S&P 500 declined by approximately 0.27%, and the Nasdaq decreased by about 0.18%.
Oil
Increase in Oil Prices
In the Asian session on Thursday, crude oil contracts saw an increase.
The price of crude oil contracts for July reached $77.30 per barrel at the time of writing,
marking an increase of 0.35%. Previously, crude oil contracts were traded at $77.33 per barrel in an earlier session.
Crude oil could find support at $76.83 and resistance at $80.60 per barrel.
For the dollar index contracts, which measure the performance of the U.S. currency against a basket of six major currencies, it decreased by 0.04% to reach $104.79 for trading.
The price of Brent crude for July decreased by 0.24% to reach $81.70 per barrel.
Decline in Gold Prices