World gold prices turned down this morning with spot gold down 10 USD to 2,030.2 USD/ounce. Gold futures last traded at 2,043.3 USD/ounce, down 8.8 USD compared to yesterday morning.
The world gold market was quiet in the early morning trading session this morning as traders waited for a series of economic data at the end of the week to get new clues about the US Central Bank's monetary policy roadmap.
RJO Futures senior market strategist Daniel Pavilonis forecasts that gold prices will stabilize above $2,000 an ounce and mainly trade at higher levels considering geopolitical risks in the market, including US elections next year, which could prompt money managers to add gold to their portfolios.
Last week, the US Federal Reserve (Fed) said its strongest monetary tightening cycle in the past four decades was over and interest rate cuts would take place in 2024. However, the Chairman Atlanta Fed branch Raphael Bostic gave the opposite view that the US economy is still strong and there is no rush to make a decision to cut interest rates. This official said that policymakers still need "several months" to have enough data and is confident that inflation will continue to go down and the first interest rate cuts are expected to begin in the third quarter. .
Meanwhile, according to the FedWatch tool, markets are pricing in about a 79% chance that the Fed will cut interest rates in March.
The world gold market was quiet in the early morning trading session this morning as traders waited for a series of economic data at the end of the week to get new clues about the US Central Bank's monetary policy roadmap.
RJO Futures senior market strategist Daniel Pavilonis forecasts that gold prices will stabilize above $2,000 an ounce and mainly trade at higher levels considering geopolitical risks in the market, including US elections next year, which could prompt money managers to add gold to their portfolios.
Last week, the US Federal Reserve (Fed) said its strongest monetary tightening cycle in the past four decades was over and interest rate cuts would take place in 2024. However, the Chairman Atlanta Fed branch Raphael Bostic gave the opposite view that the US economy is still strong and there is no rush to make a decision to cut interest rates. This official said that policymakers still need "several months" to have enough data and is confident that inflation will continue to go down and the first interest rate cuts are expected to begin in the third quarter. .
Meanwhile, according to the FedWatch tool, markets are pricing in about a 79% chance that the Fed will cut interest rates in March.
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