Gold goes up, while keeping to 7-week low
On Thursday, gold futures edged up during the European session, after dropping to a seven-week minimum overnight as market participants kept factoring in an increased probability of a near-term American interest rate lift.
In New York, June delivery gold futures gained 0.4%,trading at $1,228.85 per troy ounce.
Odds of a Fed rate lift already in June stood at approximately 32% Thursday morning. As for July odds they hit 60%.
Market participants will pay much attention to comments from a pair of Fed representatives later in the day for extra hints on the timing of a US rate lift.
Apart from the Fed speakers, market participants are going to pay attention to weekly jobless claims figures as well as durable goods orders. Furthermore, they’re also interested in pending home sales.
Another great event awaited by market participants will be an appearance by Janet Yellen, Fed Chair at Harvard University, Friday. She could try reinforcing expectations that the US major bank might increase interest rates already next month.