Futures contracts for gold prices were signed during the American meeting to see their rebound from the third straight session since the beginning of March March the US dollar index has been on the rebound since the last 20 February February according to the inverse relationship between them following the developments The economic data we followed on Thursday by the US economy are the world's largest economy and on the threshold of revealing the leading indicators of the United States.
At 1:50 pm GMT, futures for gold prices rose 15 April next April, 0.54% for current trading. At $1,334.50 for the ounce compared with the opening at $1,327.30 of the ounce, amid the US dollar index rising 0.01% to 89.79 levels compared Opening at 89.78.
We have followed up on the US economy revealing the weekly subsidy index reading, which showed a rise of 3,000 to about 229,000 requests for 226 thousand requests on previous weekly reading, other than expectations at 225 thousand requests, and it came before we witnessed the issuance of housing market data that The growth rate of the house price index has been accelerated to 0.8% compared to the previous reading last December December and projections at 0.4%.
We also followed up on the initial reading of the index of industrial and service procurement managers, which showed a shrinking of the service sector to a value of 54.1 compared to the initial reading of the month of February February and the outlook at 55.9, while the industrial sector expanded to 55.7 versus 55.3 in February February, superior On the forecast at 55.4, this was followed by a reading of the leading indicators, which could reflect the slowdown in growth to 0.5% versus 1.0% in January last January.
This comes after hours of the meeting of the Federal Open Market Commission 20-21 March March, which was approved through monetary policy makers the Federal Reserve has increased its benchmark interest rates by 25 basis points for the first time this year under the leadership of the new Governor Jerome Powell to between 1.50% and 1.75%, which was expected by analysts.
Members of the Federal Commission raised their quarterly forecasts of growth and inflation as well as the future of interest rates and lowered their expectations of the rates unemployment for the next three years, reflecting the confidence of the monetary policy makers in the Federal Reserve about the financial stimulus that includes Tax cuts and increased government spending will boost the performance of the economy and inflation, thus supporting further tightening of monetary policy at a faster pace later.
We would like to point out that the meeting of the Federal Committee has resolved the controversy that has prevailed over the markets since the end of last month, when it was first mentioned in its biannual testimony to Congress that raising interest on federal funds four times this year is a gradual tightening, with members of the Federal Committee staying in anticipation Charges of raising interest three times this year amid the sign of further tightening monetary policy and expanding budget normalization plans.
The gold holdings were stabilized by the S-P-D Gold Trust Fund, which is the world's largest gold-backed indicator fund on Monday Wednesday, with little change from what it was on Tuesday at a total of 850.54 metric tons, the fund's gold holdings rose over the previous year 2017 by about 3% i.e. about 23.63 metric tonnes, while gold prices rose 13% in their second annual increase, respectively, during 2017.