InstaForex

November 2, 2021

Gold Steals The Opportunity To Rise

 Gold took advantage of the opportunity to rise in the wake of the weakness of the U.S. dollar and 10 -year U.S. treasury yields moving flat as investors await the FOMC policy meeting and the U.S. NFP jobs report this week.


Entering the European session, spot gold traded higher at $ 1,795 per ounce, rebounding from a fall recorded at the end of last week’s trading. Gold futures, meanwhile, were up $ 1,797 an ounce.


Holdings against the U.S. dollar eased slightly, signaling investor vigilance ahead of the outcome of the FOMC policy meeting early Thursday morning and the U.S. NFP report on Friday.



Prior to the two important events, investors will be first shown a private sector ADP employment report and US services data that will serve as a guide for future NFP readings.


US 10 -year bond yields remained above 1.5%, but fell from a monthly high of around 1.7% it reached at the end of last month.


In addition, the price of gold was also supported by increased demand following the Deepavali festive season, especially in India which is also one of the largest buyers of gold in the world.