The Dollar is bound to continue rising back up despite the fall. Investors are still positive due to the improving Economic Conditions of the US which is expected to have grown at a 6.1% annualized rate in the first three months of year.
This would be the second-fastest GDP growth pace since the third quarter of 2003 and that’s even before the impact of the $1.8 trillion package for the families and education that President Joe Biden unveiled Wednesday in his first joint speech to Congress.
Markets are now starting to recover at a much comforting rate, and this could signal the start of the greenback returning to its stability.
Gold and other Metal Update
Gold rises, holding on to small gains getting a lift after dovish remarks by Federal Reserve Chairman, Jerome Powell put some pressure on Treasury yields and the US Dollar.
The precious metal is bound to continue rising, before the Dollar gets back up to stable prices. The pressure on Treasury yields and the U.S. dollar, is providing further support to the safe-haven yellow metal.
Investors are taking advantage of the situation, while we watch markets recover.
In other precious metals, palladium was up 0.3%, siver gained 0.6%, and platinum rose 0.3%.
Attention will now shift to yields and US dollar prices to provide direction for gold, and now is the best time to take advantage while it is directly affected more than usual.
- Market Week Ahead: US GDP, Crude Oil and more
- Market Update Today: US Dollar, Crude Oil, and Gold
- S&P 500 Rallies, Avoids Tantrum Even as Fed Tees Up November Taper
- BEGINNER’S GUIDE TO CAPITAL GAINS
- Good return