Gold Dec '20 (GCZ20)
Gold Futures Market News and Commentary
The dollar index (DXY00) fell to a 7-week low on Monday and finished down by -0.02%. The dollar moved lower on Monday as easing geopolitical tensions in the Middle East boosted stocks and reduced safe-haven demand for the dollar. Also, Monday's -5% fall in WTI crude oil prices lowered inflation expectations and could prompt the Fed to loosen monetary policy, a negative factor for the dollar.
The dollar recovered nearly all of its losses on Monday on signs of US economic strength after the July ISM manufacturing index rose more than expected to a 4-year high.
Dovish comments on Monday from New York Fed President John Williams were negative for the dollar, as he said interest rates remain well positioned and inflation should ease during the second half of the year.
The US July ISM manufacturing index rose +2.3 to 55.6, stronger than expectations of 53.9 and the fastest pace of expansion in four years.
US June construction spending unexpectedly fell -0.1% m/... Read more
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