The precious metals market is awaiting today, Thursday, June 24, 2021, a number of economic reports that could affect the price of the precious metal during trading today, Thursday, in global stock exchanges and in the Egyptian market, and the following are the most important expected economic events that affect the market.
– German business climate from the Institute IFO
Monetary policy summary and interest rate decision from the Bank of England
Final reading of the gross domestic product in the United States
Weekly unemployment benefits in the United States
Yesterday, Wednesday, June 23, gold prices recorded a clear rise, after US Federal Reserve President Jerome Powell pledged to keep interest rates near zero for some time, bringing the dollar down to its lowest level in a week..
And gold is heading to rise thanks to expectations of low interest rates, which reduces the opportunity cost of acquiring the yellow metal, which does not generate returns. And gold fell 6% last week, following the monetary tightening tone of the Federal Reserve at its meeting, and its signal to raise interest rates in 2023..
In his statements, Powell reiterated his determination to encourage a “widespread and comprehensive” recovery of the labor market, and that raising interest rates would not be based solely on fears of future inflation..
In terms of other precious metals, silver rose 0.7% to $ 25.93 an ounce, and palladium increased 1.5 percent to $ 2595.96, while platinum rose 0.9% to $ 1089.16.