The international gold price continued to be under pressure, but it did not further fall below the three trading days of the overnight $ 1929.67/ounce. Investors avoid betting on the Federal Reserve Chairman Powell Congress testimony.Some Federal Reserve officials continued to make eagle remarks, and gold still faced a huge threat.At 15:10 Beijing time, spot gold fell 0.03%to 1935.49 US dollars/ounce; the main contract of COMEX fell 0.05%to 1946.7 US dollars/ounce; the US dollar index (102.1815, -0.3470, -0.34%) rose 0.07%to 102.607.
Some economists said: "The Fed's continuous tightening expectations tend to suppress the price of gold. In view of this, President President's testimony may have a significant impact on the short -term trend of the market."
Powell will attend the House Financial Service Committee hearing at 22 o'clock on Wednesday, Beijing time.In the context of policy makers generally expressing the eagle view, market participants will pay attention to the central bank's views on further interest rate hikes.
According to the latest data, traders are currently expected that the Federal Reserve ’s interest rate hikes will raise interest rates by more than 80%in July.Interest rate hikes increase the opportunity cost of holding non -interest asset gold.
In addition to the Fed's hawk comments, optimistic American data is also conducive to gold sellers.In May, the construction rate of the new house in the United States jumped to the highest level since April 2022, an increase of 21.7%month-on-month, and the record of -2.9%(repaired from+2.2%) in April, and the market forecast was -0.1%.At the same time, the construction permit in May also performed optimistic, an increase of 5.2%month-on-month, and the expected 0.9%, and the previous reading was -1.4%.
Some investment officers said: "The price of gold is falling below the 100 -day mobile moving average, which brings further pressure on the market, because technical traders are open to the air, and the $ 1842 is regarded as a potential downward target."
It is worth mentioning that earlier this month, the Australian Fed and the Bank of Canada had unexpectedly raised their interest rates by 25 basis points.In addition, the European Central Bank raised interest rates to the highest level in 22 years last week, and is expected to further tighten the policy to reduce inflation.The Bank of England and the Swiss Central Bank are expected to raise interest rates by 25 basis points on Thursday.
