Price of Gold Fundamental Daily Forecast – Price Action Suggests Traders Aren’t Sure What the Fed Will Do

Price of Gold Fundamental Daily Forecast – Price Action Suggests Traders Aren’t Sure What the Fed Will Do

Gold futures finished higher on Friday with buyers catching the bears napping after a survey showing U.S. consumer sentiment dived in early August calmed investor concerns over an early tapering of the Federal Reserve’s asset purchases. The rally recaptured all of this week’s previous losses and some of the previous Friday’s losses that were fueled by a bearish U.S. Non-Farm Payrolls report.

On Friday, December Comex gold futures settled at $1778.20, up $26.40 or 1.51%.

A key consumer sentiment reading saw a dramatic drop in early August as the delta variant of COVID-19 increased fears about the path of the economy, the University of Michigan said Friday, CNBC reported.