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Gold prices decline, and the focus is on US GDP figures for the first quarter of 2022

During last week’s trading, gold prices fell by 2%, and this was due to the strength of the US dollar and the rise in the US Treasury yields above 2.9% for 10 years, with the tightening of the US Fed to raise the interest rates.

In an interview with Mr. Powell last week, he said that the Fed is open to raising interest rates by 50 points during the upcoming meeting in May.

Brent crude fell by 4.5%, while Nymex crude fell by 4.1% during last week’s trading.

The results of the profits of the technology giants (Apple, Microsoft, and Amazon) are scheduled to be announced this week, and it is expected that we will witness positive results that may push the American stock indices to rise, after the sharp decline during the past weeks, as the Dow Jones index witnessed a decline of 1.9% during the week’s trading, and this was the fourth consecutive weekly loss.

Investors are looking forward this week to US GDP figures, as growth figures for the first quarter of 2022 will be released on Thursday, with expectations of a slowdown in GDP to 1.1%, down from 6.9% recorded in the fourth quarter of 2021.

Also, on the economic calendar, the Personal Consumer Expenditure Index figures, the preferred measure of inflation for the Fed, will be released.

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