Gold Recovers On Brexit Declaration - Gainesville Coins News
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Gold Recovers On Brexit Declaration

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Gold Recovers On Brexit Declaration
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Gold prices are trading near unchanged this morning, reversing early losses as British Prime Minister Theresa May officially triggered the process for the UK to leave the European Union. The pound and euro are both only modestly lower, while the jump in the beleaguered US dollar back above 100 on the DXY index is mostly from a set of upbeat economic data combined with oversold condition of the greenback.

Another impetus for dollar gains came this morning, as Boston Federal Reserve president Eric Rosengren gave a more full-throated response supporting future Fed rate hikes. He said he would like to see three more rate hikes this year, occurring every other meeting. That would mean rate hikes in June, September, and December. These are the meetings when Fed Chair Janet Yellen conducts a post-meeting press conference, making them logical times to raise benchmark interest rates.

On Wall St, blue-chip stocks are being hammered for yet another day, with the Dow Industrials trading 50 points in the red. A rally in oil prices, caused by a larger than expected drop in crude inventories, is boosting the energy sector and helping limit losses. That oil rally seems to be helping the S&P 500 more than it is the Dow.

 

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product

About the Author

Everett Millman

Steven Cochran

Precious Metals Market Analyst
BS University of South Florida (2002)

A published writer, Steven's coverage of precious metals goes beyond the daily news to explain how ancillary factors affect the market.

Steven specializes in market analysis with an emphasis on stocks, corporate bonds, and government debt. He writes a monthly review of the precious metals markets for SurvivalBlog.com.

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