There are two main factors driving the increase in gold prices:
- USD weakness: The USD fell 0.1% and hovered around a more than 2-month low recorded last week. This makes gold cheaper for holders of other currencies.
- Expect the US to end interest rate hikes: Investors are expecting the US Federal Reserve (Fed) to begin slowing down interest rate increases after the US jobs report showed that the labor market is slowing down. heat. This also makes gold more attractive to investors looking for a safe haven.
➡️ Senior market analyst Craig Erlam at OANDA said that gold prices are rising spectacularly beyond 2,000 USD/ounce after a report published last week showed that inflation and the job market are cooling.
➡️ Gold prices have been pushed well above the 50, 100 and 200 day moving averages and are very close to the all-time high reached in August 2020.
- USD weakness: The USD fell 0.1% and hovered around a more than 2-month low recorded last week. This makes gold cheaper for holders of other currencies.
- Expect the US to end interest rate hikes: Investors are expecting the US Federal Reserve (Fed) to begin slowing down interest rate increases after the US jobs report showed that the labor market is slowing down. heat. This also makes gold more attractive to investors looking for a safe haven.
➡️ Senior market analyst Craig Erlam at OANDA said that gold prices are rising spectacularly beyond 2,000 USD/ounce after a report published last week showed that inflation and the job market are cooling.
➡️ Gold prices have been pushed well above the 50, 100 and 200 day moving averages and are very close to the all-time high reached in August 2020.
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Investors are now awaiting revised US third-quarter GDP figures to be released on Wednesday and the core consumer price index, the US Federal Reserve's preferred inflation measure. ), on Thursday.
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Recent data indicating a slowdown in US inflation has led to the belief that the Federal Reserve will implement monetary easing earlier than initially anticipated. Traders, relying on CME's Fed Watch tool, predict that the Fed will maintain interest rates in December, with approximately a 60% probability of a rate cut in May of the following year. The reduction in interest rates serves to lower the opportunity cost associated with holding assets that yield interest, such as gold.
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CALENDAR FOR TODAY :
- CB Consumer Confidence
- Richmond Manufacturing Index
- FOMC Member Waller Speaks
- CB Consumer Confidence
- Richmond Manufacturing Index
- FOMC Member Waller Speaks
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