Gold prices rose
nearly one percent for the third session in a row moving farther away from a
one-month trough hit earlier this week while the dollar gave up ground
following earlier data from the world's largest economy. Earlier US data showed
unemployment claims rising as expected while the housing price index rose 0.7%
or the same as before in April as markets await the CB leading index for May
later today expected to slow down. Federal Open Market Committee member Jerome
Powell is scheduled to appear in front of the Senate Banking Committee in
Washington as investors look for any clues about the future of policy
tightening this year. Last week the Federal Open Market Committee voted to
increase interest rates by 25 basis points for the second time this year while
downgrading their projections for unemployment and inflation and keeping their
growth forecasts intact as the Fed announced its plan to normalize the balance
sheet later this year and trim it down from its current $4.5 trillion levels.
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