Gold prices resumed their rebound from the top in three weeks,...

Dubai – Bassam Rashid – Forex News Today – Futures contracts for prices fluctuated in a narrow range that tends to decline, as we are witnessing their rebound to the third session in four sessions from the highest since September 21, overlooking the decline of the dollar index according to the inverse relationship between them following the developments that they followed in the Chinese economy The largest consumer of minerals in the world and on the cusp of economic developments and data expected today, Thursday, by the US economy, the largest economy in the world, and looking forward to the activities of the European Union summit to discuss the future trade relations of the Union with Britain after the latter’s exit from it.

At exactly 05:41 a.m. GMT, gold futures contracts for December delivery fell by 0.09% to trade at $ 1,904.20 per ounce compared to the opening at $ 1,906.00 per ounce, knowing that the contracts started trading on a downward price gap after it was concluded Yesterday’s trading was at $ 1,907.30 per ounce, while the US dollar index declined 0.02% to 93.42 compared to the opening at 93.44.

We have followed up on the Chinese National Bureau of Statistics disclosing inflation data with the release of the annual consumer price index reading, which showed the slowdown in growth to 1.7% compared to 2.4% in August, worse than expectations that indicated a slowdown in growth to 1.9%, as for the annual reading of the price index. Producers showed that the contraction widened to 2.1% versus 2.0%, contrary to expectations that indicated a contraction of the contraction to 1.9%.

On the other hand, investors are currently awaiting the American economy for the release of the aid requests index reading for the past week on the tenth of this month, which may reflect a decline of 30,000 requests to 810,000 requests compared to 840,000 requests in the previous weekly reading, and the aid requests reading may also appear. Continuing for the week that passed on the third of October, a decrease of 276 thousand applications to 10,976 thousand requests compared to 10.7 million applications.

This comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data, with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 14.4 compared to 15.0 in September, and the reading of the New York Industrial Index also showed that the expansion shrank to its value. 13.9 compared to 17.0 in September, and with the release of the import price index reading, which may indicate a slowdown in growth to 0.3%, compared to 0.9% in August.

Up to the participation of members of the Federal Open Market Committee, Deputy Governor of the Federal Reserve, Randall Quarles, and Chairman of the Dallas Federal Reserve, Robert Kaplan, in a virtual panel discussion hosted by the American Chamber of Commerce in India, before we witness Quars’ speech about the policy response to the Corona virus at the annual meeting of the Institute of Finance International.

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This comes before the US Treasury Department revealed a reading of the federal budget, which may reflect the contraction of the deficit to a value of $ 123.3 billion compared to $ 200.1 billion in August, and before we witness the speech of another member of the Federal Open Market Committee, Minneapolis Federal Reserve Bank Chairman Neil Kashkari. About the economic outlook in a virtual chat by the fireplace hosted by New York University.

In view of the developments of the second stimulus package expected in the United States, we followed yesterday the US Secretary of the Treasury Stephen Mnuchin expressed that reaching an agreement regarding the stimulus before the upcoming US presidential elections on November 3 will be difficult, following another phone call to him. With Democratic US House Speaker Nancy Blossy.

It is noteworthy that the markets were hoping that lawmakers in America would reach an agreement that would allow the way to adopt more stimulus soon to confront negative dependencies of the Corona pandemic on the performance of the largest economy in the world, especially about the latest proposal by the majority leader in the Senate, Mitch McConnell, but time is limited to vote on The bill to help small businesses next week, and Democrats also do not want to adopt a partial stimulus measure.

Other than that, the markets are looking forward to the developments of the Brexit file and the European summit that is scheduled to be held in Brussels to discuss developments in trade negotiations and future relations between Britain and the Union after the exit. In another context, the European Central Bank Governor Christine Lagarde is scheduled to speak in a discussion via Later on the Internet about the global economy as part of the annual meetings of the International Monetary Fund and the World Bank.

On the other hand, European Union leaders intensified their efforts to curb the spread of the coronavirus throughout the old continent, with France announcing more stringent measures, and Germany warning of economic risks in conjunction with London’s readiness to tighten restrictions, and in another context, we followed last Tuesday to stop the American regulators in a way. Timer of Eli Lilly’s trial of antibody therapy to Coronavirus due to safety concerns.

This came after we also followed, on Tuesday, to temporarily suspend the trial of the Corona virus vaccine at the Johnson & Johnson company of America, after one of the participants in the treatment trial had an unexplained disease, and according to the latest figures issued by the World Health Organization, the number of cases infected with the virus increased to more Of 38 million, 1,083,234 people were killed in 235 countries.

It is noteworthy that the Executive Director of the World Health Organization, Tedros Adhanom, expressed on Tuesday that a vaccine for the Coronavirus is soon, explaining that the organization is studying nine vaccines in its possession, adding that it is likely that a vaccine for the Corona virus will be reached by the end of this year or early next year. , While urging him again to use preventive methods and follow the recommended health measures.