Otmane El Rhazi from
The Bullion Desk.
- Heavy downside pressure from a dollar, which is moving parity against the euro, is holding back any significant gains – the US currency was last at 1.0604 ahead of macroeconomic developments, having hit its highest since March 2003 in the previous session.
- The calendar gets busier next week, with the Federal Reserve’s monthly policy statement likely to affect markets should there be any indications of a move towards higher interest rates in the near term.
- Once again physical demand out of China this morning was reportedly unimpressive, with demand continuing to fade despite the cheaper gold price, which many believe suggests buyers are holding off in anticipation of further downside in the near term.
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