Futures contracts for gold prices declined during the US session to see their lowest since the beginning of March March amid the US dollar index rebound from the lowest to him since the eighth of the same month according to their inverse relationship following the economic developments and statements that they followed on Friday The American economy is the world's largest economy and on the cusp of the events of the Federal Open market meeting next week
We have followed up on the American economy revealing the housing market data that have shown a decline in the construction of houses and the building permit in the States united in excess of expectations during February February, where the reading of the quietly constructed home index showed a decrease of 7.0% to approximately 1,236 thousand homes, Compared with a 9.7% rise of about 1,329 thousand houses in January January, worse than expected when 2.7% fell to about 1,290 thousand homes.
The construction permit index read 5.7% for about 1,298 thousand permits, compared with 7.4% higher at about 1,396 thousand in January January, also worse than outlook that indicated a 3.8% decline of about 1,325 thousand permits, came before we saw the release of the industrial production index which It showed a 1.1% rise against a 0.3% decline in January January, which is higher than forecast at 0.3%.
Coinciding with the reading of the energy utilization rate index, which showed the acceleration of growth to 78.1% compared to 77.4% in January January, it is superior to the expectation at 77.7%, down to the initial reading of the Michigan University's consumer confidence index, which showed a breadth to its value 102.0 vs. 99.7 in February February, other than the expectations at 99.2 as the current economic situation expands and economic prospects are shrinking.
This comes amid market pricing for the decisions and orientations of the Federal Reserve's monetary policy makers at the first meeting of the Federal Open Market Committee under the leadership the new governor, Jerome Powell, at 20-21 this month, in which he is expected to disclose the Committee's expectations of growth rates, Inflation and unemployment as well as the future of interest rates on federal funds for the next three years.
Powell, who left Janet Lynn earlier last month as governor of the Federal Reserve, noted earlier this month during the semi-annual testimony to the Federal Reserve governor in front of Congress because raising interest on federal funds four times this year is a gradual lifting, explaining that it is pleasing The pace of interest-raising will be considered with its principles that it is difficult to tighten monetary policy rapidly given the low levels of inflation.
We would like to point out that the pace of job creation has accelerated markedly over the past month to about 313, 000 jobs added concurrently with the hourly rate slowing more than expectations, Powell stressed the aspirations that the labor market could see further improvement before wages were more recorded, explaining that there was no evidence It is clear that there is a strong wage increase and adding that the labour market may continue to improve without reflecting the rise in inflation.
The gold holdings of the S-P-r Gold Trust fund, the world's largest gold-supported indicator funds, rose yesterday Thursday, at 4.42 metric tons, in the first daily increase in two weeks, bringing the total holdings of the fund to about 838.15 metric tonnes, the top of which has been shown since the end of December Last January