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Gold scales 2-week high as Fed signals likely Sept rate cut Gold prices hit a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September. Spot gold was little changed at $2,445.39 per ounce, as of 0650 GMT, after hitting its highest since July 18 earlier in the session. Prices were just $38 shy of the record high of $2,483.60 scaled on July 17.

Gold price (XAU/USD) prolongs the recent well-established uptrend and climbs to the $2,400 neighborhood, or a fresh all-time high during the Asian session on Friday. Investors remain concerned about the risk of a further escalation of geopolitical tensions in the Middle East, which, in turn, is seen as a key factor benefiting the safe-haven precious metal. Apart from this, expectations that major central banks will cut interest rates this year offer additional support to the non-yielding yellow metal and contribute to the positive move. Bulls, meanwhile, seem rather unaffected by the recent US Dollar (USD) bullish run, bolstered by reduced bets for interest rate cuts by the Federal Reserve (Fed), which tends to undermine demand for the Gold price. Investors pushed back expectations about the timing of the first rate cut to September from June following the release of hot US consumer inflation figures on Wednesday. Market participants also pared their bets for the number of interest rate cuts this year to fewer than two from about three or four a few weeks ago. That said, extremely overstretched conditions on daily, weekly and monthly charts might hold back traders from placing fresh bullish bets around the Gold price. Nevertheless, the XAU/USD remains on track to register gains for the fourth straight week, also marking the seventh in the previous eight. Moving ahead, the release of the Preliminary Michigan Consumer Sentiment Index, which, along with speeches by influential FOMC members, will drive the USD demand and produce short-term trading opportunities around the precious metal. 🆘 Crucial Zones ahead: SZ 🔺 R: $2407/2424 BZ 🔻C: $2366/2323

Gold price uptrend remains uninterrupted, fresh all-time high and counting NEWS | 10/23/2024 07:52:47 GMT | By Haresh Menghani Gold price attracts some dip-buying on Wednesday and hits a fresh record peak in the last hour. Middle East tensions, US political uncertainty and easing monetary policy regime lend support. Bets for smaller Fed rate cuts, elevated US bond yields and bullish USD might cap the XAU/USD.  Gold price (XAU/USD) reverses an intraday dip on Wednesday and climbs to a fresh all-time peak, around the $2,755 region during the first half of the European session. Persistent geopolitical risks stemming from the ongoing conflicts in the Middle East, along with the US political uncertainty, continue to drive flows towards the safe-haven precious metal. Apart from this, the expected interest rate cuts by major central banks turn out to be another factor benefiting the non-yielding yellow metal.  Meanwhile, the US Dollar (USD) buying interest remains unabated in the wake of growing acceptance that the Federal Reserve (Fed) will proceed with rate cuts. Adding to this, deficit-spending concerns after the November 5 US Presidential election push the US Treasury bond yields to their highest level in three months. This might hold back bulls from placing fresh bets around the Gold price amid slightly overbought conditions on the daily chart and ahead of the US Existing Home Sales data.  #gold #USD #trading CTTO Fxstreet

📈 By the end of last week, the gold market witnessed a historic rally, with prices soaring above $2,200 per ounce for the first time ever. The surge came on the heels of the Federal Reserve's latest meeting, where it was revealed that the central bank anticipates making three rate cuts to US rates this year. As expected, the Fed kept rates unchanged, prompting a nearly 1% drop in the dollar and igniting further momentum for gold. 💰 After a week of relatively stable trading, gold found the catalyst it needed, with prices spiking to a new record high of $2,223.12 per ounce before settling around the $2,200 mark. The demand for gold remains robust, fueled by record central bank purchases and increasing trade interest. Traders sensing the potential for further gains, are flocking to the precious metal as a hedge against market volatility and a weakening dollar. 🔮 Looking ahead, the Fed's indication of potential rate cuts and looming geopolitical uncertainties, including events in Gaza, Ukraine, and the upcoming US presidential election rematch between Biden and Trump, are expected to drive continued volatility in the market. This uncertainty, coupled with the appeal of gold as a safe haven asset, suggests that the precious metal's rally may have more room to run in the second half of 2024. #Gold #PreciousMetals #Trading #Fintech #MeenaCapital Source: Bullion by post 🔔

Gold Rises to $2176.40 as Market Awaits Potential Fed Rate Cuts

Gold Prices Rise as Dollar Rally Slows, Fed Comments Awaited Gold prices experienced a notable rebound on Monday, rising approximately 1% following a six-day losing streak. This recovery came as the dollar's recent rally showed signs of slowing down, with spot gold climbing to $2,593 per ounce and U.S. gold futures reaching $2,597. The precious metal's movement has been particularly significant in recent weeks, with UBS analysts noting a 6% decline since the U.S. election on November 5th - marking the worst post-election week performance since Ronald Reagan's presidency in 1980. The dollar's steadiness after a 1.6% increase the previous week has helped make gold more accessible to holders of other currencies. Market attention is currently focused on upcoming statements from U.S. Federal Reserve officials, as these comments could provide crucial insights into future interest rate decisions. Recent economic indicators, particularly strong U.S. retail sales data, have led investors to revise their expectations regarding potential rate cuts. The robust economic performance has prompted a reduction in expectations for a December rate cut, as policymakers continue to evaluate the pace and scale of possible rate adjustments in light of persistent economic strength and inflation concerns. The current market dynamics reflect the delicate balance between monetary policy expectations, economic indicators, and currency movements, all of which continue to influence gold prices in the global market. Source: https://lnkd.in/dQR7JxXZ #goldprice #forexnews #financialmarket #dollarrally #Goldmarket

Gold early review: Gold price (XAU/USD) kicks off the new week on a weaker note and, for now, seems to have snapped a two-day winning streak, though it remains confined in a familiar trading range held over the past week or so. Hopes for an Iran-Israel conflict de-escalation boost investors' confidence and turn out to be a key factor driving flows away from the safe-haven precious metal. Apart from this, bets that the Federal Reserve (Fed) will keep interest rates higher for longer in the wake of still sticky inflation in the US exert additional pressure on the non-yielding commodity. The downside for the Gold price, however, seems cushioned amid speculations that major central banks will cut interest rates this year. Adding to this, worsening global economic conditions should contribute to limiting any meaningful depreciating move for the XAU/USD. Traders also seem reluctant and prefer to wait on the sidelines ahead of this week's release of flash global PMIs on Tuesday and important US macro data – the Advance Q1 GDP report and the Personal Consumption Expenditures (PCE) Price Index on Thursday and Friday, respectively.

🌟 Gold Prices Rise Amid Fed Rate Cut Speculations Gold prices surged in Asian trade on Wednesday, buoyed by a softer dollar and safe haven buying. Spot gold climbed 0.3% to $2,419.11 an ounce, while December gold futures rose 0.5% to $2,463.85 an ounce. 🔹 Market Dynamics: - Traders await cues on potential Fed rate cuts. - Soft inflation and dovish Fed comments fuel rate cut expectations, possibly in September. - Lower rates reduce the opportunity cost of investing in gold, making it more attractive. As gold breaks past the $2,400 mark, all eyes are on the Fed’s meeting and upcoming signals. The consensus leans towards a 25 basis point cut, which could further boost gold’s appeal. #Gold #MarketUpdate #FederalReserve #InterestRates #SafeHaven #Investing #Geopolitics #GoldPrices 𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳 : 𝘊𝘰𝘯𝘵𝘦𝘯𝘵 𝘴𝘩𝘢𝘳𝘦𝘥 𝘩𝘦𝘳𝘦 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘯𝘰𝘵 𝘢 𝘱𝘳𝘰𝘮𝘰𝘵𝘪𝘰𝘯 𝘰𝘳 𝘦𝘯𝘥𝘰𝘳𝘴𝘦𝘮𝘦𝘯𝘵 𝘰𝘧 𝘢𝘯𝘺 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘦𝘯𝘵𝘪𝘵𝘪𝘦𝘴 𝘰𝘳 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴.

Gold rose to another record high, building on Thursday’s surge of nearly 2% as traders added bullish wagers ahead of a widely expected Federal Reserve interest-rate cut next week. Bullion climbed as much as 1% to $2,583.45 an ounce on Friday, putting it on track for a weekly gain of more than 3%. Gold has surged by more than a quarter this year, supported by the Fed’s path to monetary easing. Central-bank buying and strong haven demand due to conflicts in the Middle East and Ukraine have helped the advance, while interest from retail investors is also picking up. Swap traders increased the possibility a jumbo cut by the US central bank at its meeting next Wednesday after a Wall Street Journal reported Thursday that Fed policymakers were considering whether to reduce rates by a regular quarter point or opt for half a percentage point cut. In response, bullion traders are betting prices of the precious metal can go even higher since lower rates are generally positive for non-interest yielding gold. Total open interest in Comex gold futures jumped for the past couple of trading sessions, while prices advanced to hit successive records, indicating fresh long positions were being built.

Gold Early Review: Gold price (XAU/USD) trades with a mild negative bias for the second straight day on Wednesday and touches its lowest level in over a week during the Asian session, albeit lacks follow-through selling. The overnight hawkish comments by influential Federal Reserve (Fed) officials suggested that the US central bank is unlikely to kickstart its rate-cutting cycle anytime soon amid a resilient US economy. This remains supportive of a modest uptick in the US Treasury bond yields, which is seen acting as a tailwind for the US Dollar (USD) and weighing on the non-yielding yellow metal. Meanwhile, weaker consumer and producer prices for May keep a September Fed rate cut move on the table. This, along with the risk of a further escalation of geopolitical tensions in the Middle East and the protracted Russia-Ukraine war, lends some support to the safe-haven Gold price and helps limit the downside. Traders might also prefer to wait for the key US macro data – the final Q1 GDP print on Thursday and the Personal Consumption Expenditures (PCE) Price Index on Friday. The latter might influence the Fed's policy decisions and provide a fresh directional impetus to the XAU/USD.