. Gold Spot rate reaches $1648.90 per ounce; hits 2-1/2 year low

Gold Spot rate reaches $1648.90 per ounce; hits 2-1/2 year low

26 Sep 2022

U.S gold futures price fell 0.40% to 1648.90; after hitting its lowest level on Monday 26 September.

Gold’s future tumbled to a 2-1/2 year low on Monday 26 September, weighed down by a sturdy dollar and a brochure of a further interest rate hike by the Federal to bring down Inflation

Silver Spot Price tumbled 0.8% to $18.68 per ounce, platinum rose 0.7% to $860.13, and palladium rose 0.4% to $2,076.10

According to Atlanta Fed president Raphael Bostic, he still believes that the U.S Central bank can meek inflation without any job losses and the economy’s continued momentum said on Monday.

According to a survey, A downturn in business activity across the eurozone in September showed the economy was going into a recession as consumers harnessed spending amid a cost-of-living crisis.

But markets expect the Fed to keep raising interest rates at a high, given that inflation remains above the central bank’s annual rate of 2%.

On Monday London traded copper futures jumped 1.9%, and rose 0.2% at $3.6242 a pound. China is the largest importer of red metal but copper must contend with slow demand in China.

On technical fronts, Gold Futures: RSI stood at 29.069, and currently, it is trading below all SMA, so a sell position can be taken with the following target and stop-loss

Trade signal: SELL AT 1648.90, TAKE PROFIT AT 1590.00, and STOPLOSS AT 1695.00