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The price of gold went down Tuesday morning amid growing investor interest in risky assets. The change in the vector of the work of traders was due to the promising and very positive news about the release of the vaccine against coronavirus infection. In addition, market participants began to hope that the situation with the trade agreement between the US and China will still improve. The representatives of the states held telephone conversations on the first phase of the deal and agreed on further cooperation.
Gold dropped in value by 0.43% on Tuesday morning which forced it to move to the level of 1,924.08 dollars per troy ounce. At the same time, the support level for the precious metal amounted to $ 1,916.6 per troy ounce, and the resistance took a position at $ 1,970.3 per troy ounce, respectively.
Now the majority of market participants have changed the direction of their activities. The stock market and securities began to enjoy great interest from investors, as fundamental data is becoming evident that there will be good growth in the near future. Moreover, the weakness of the US dollar no longer affects how much gold is to support the increase in its value.
Now all the attention of market participants is directed to the decision of the US Federal Reserve System regarding further inflationary growth. The question is whether the regulator will agree to the high level of inflation, which will inevitably have to be faced in the near future, or whether it will start manipulating the monetary policy.
News regarding this matter may be expected very soon. The head of the regulator is preparing to speak at a symposium in Kansas City on Thursday.
Silver futures for September delivery rose 0.73% Tuesday morning and climbed to $ 26.802 per troy ounce.
Palladium, on the other hand, declined by 0.15% and began to cost $ 2,157.2 per ounce.
Platinum rose significantly by 1.27% with a new price level of $ 927.44 per ounce.
Copper futures for September delivery were marginally higher with an increase of 0.05%. Its current price is at $ 2.9257 per pound.
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