Breaking: Gold extends rally to fresh all-time highs above $2,050

The troy ounce of the precious metal extended its relentless rally on Wednesday and touched a fresh all-time high of $2,055 during the American trading hours. As of writing, the XAU/USD pair was up 1.7% on a daily basis at $2,054.

The broad-based selling pressure surrounding the greenback continues to boost gold. With Wednesday's macroeconomic data releases from the US providing a boost to sentiment, the US Dollar Index slumped to a daily low of 92.58.

The ADP Employment Change for July came in at 167K and missed the market expectation of 1.5 million by a wide margin. However, June's reading of 2.3 million got revised up to 4.3 million. On the other hand, the ISM Services PMI improved from 57.1 in June to 58.1 in July to show an expansion in the service sector's economic activity at a robust pace.

Reflecting the upbeat market mood, Wall Street's main indexes are up between 0.4% and 1.1% on the day and the 10-year US Treasury bond yield is gaining nearly 9%. 

Related articles

US Data Analysis: Big jobs number? Negative NFP looks more likely, trends could extend in gold, dollar.

"Big jobs number on Friday" – said President Donald Trump to Fox News and the public ahead of July's all-important Non-Farm Payrolls report. 

It doesn't look that way – the NFP could be a small number or even negative.

Gold: Further push higher to $2075/80 – Credit Suisse.

Gold extends its move to a new record high as the yellow metal has surged above the $2030 mark. Strategists at Credit Suisse look for a further push higher to the next flagged resistance at $2075/80, but then finally some consolidation. Weakness from here though, if indeed seen, will still be viewed as temporary and corrective. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD consolidating at lows after mixed US data, Powell

EUR/USD trades near a fresh two-month low of 1.1671 after mixed US Markit PMIs, which anyway indicated economic expansion. Fed speakers highlighted the need for more fiscal stimulus.


GBP/USD holds on to daily gains amid Brexit’s optimism

The GBP/USD pair consolidates around 1.2750, underpinned by EU Chief Brexit Negotiator Barnier's optimism on a post-Brexit trade deal. UK Business activity remains in expansion territory according to Markit.


Gold: Elliott Wave downside targets point to the $1767 area

The commodities complex is taking another hit on Wednesday after a tough start to the week. The recent persistent greenback strength has been a thorn in the side of the precious metal since the dollar consolidation began.

Gold News

In search of the Bitcoin anchorage

When the gates of heaven seemed to open, with the moon clearer than ever, selling came back to the crypto board. After the long winter of 2018/2019, hope was already exhausted, and the current setback is finishing with its remains. 

Read more

WTI flirts with the 200-day SMA below $40.00/bbl ahead of EIA

Prices of the WTI are alternating gains with losses below the key $40.00 mark per barrel on Wednesday.

Oil News