Analysts speculate this rally follows signs that the US Federal Reserve is edging closer to rate cuts. Geopolitical tensions and Asian demand for the precious metal are also having an effect. This upshoot is 1.6% more than the commodity’s closing price on Thursday, 28 March 2024. Since February 2024, gold has risen in value by…
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The most important economic data for this week: Tuesday: RBA meeting minutes at 12:30 AM GMT are anticipated by the market participants to give a glimpse of the short-term action plan of the Reserve Bank of Australia. More dovish commenting might be seen as a weakness of the Aussie Dollar, creating some minor push on…
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The most important economic data for this week are: Tuesday: BoJ Interest rate decision at 03:00 AM GMT. The market consensus is that the rates will remain static at -0.1%, while in the unlikely scenario any shift away from this figure will most certainly create volatility in the yen pairs. Japanese Balance of trade at…
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While some factors like supply and demand will drive the price of gold over the long term, the issues tend to play out over an extended period. The part of supply and demand that plays a role over the medium term is the trajectory of the change in the dynamics. Over the medium term, the…
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According to a Reuters report, spot gold was down by 1.3%, reaching $2,027.26 per ounce, following three consecutive sessions of gains at 2:36 p.m. E.T. (19:36 GMT). U.S. gold futures also settled more than 1% lower at $2,030.2. A senior analyst at Kitco Metals, Jim Wyckoff, commented: Strong gains in the U.S. dollar index are…
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The markets are eager to see the November core personal consumption expenditure (PCE) price index report, due early this afternoon, which will disclose the Fed’s take on underlying inflation. Having said that, Fed officials deflected the notion of quickfire rate cuts in Q1 2024, but this does not seem to have deterred the market outlook.…
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The most important economic data for this week are: On Tuesday the 22nd until Thursday the 24th there will be the BRICS summit held in Johannesburg, South Africa where the leaders of the countries will meet (except President Putin that will attend virtually due to an arrest warrant issued by the International Criminal Court for…
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Gold has generally been steady through time as it cannot deteriorate and it does not lose its value due to age. Because of this, it has been seen as way to preserve investor wealth over time. Furthermore, unlike fiat currencies, Gold’s value cannot be controlled by a central bank, and it isn’t affected by printed…
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The following guest post is courtesy of ATFX Global Chief Market Strategist Alejandro Zambrano. The US Dollar is coming back strongly, and in the last few days, the greenback has managed to breakthrough several critical levels against Gold, New Zealand Dollar, Swiss Franc, and British Pound. Overall, the last few days price action suggests to me…
Read moreThe currency dubbed ‘gold 2.0’ briefly traded above the price of its long term store of value competitor Yes, it has finally happened – gold has been dethroned as a store of value and an inflation hedge! Oh well, maybe it’s too soon to predict the doom of an age old currency such as physical gold…
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