The Federal Reserve’s rate cut sent gold prices soaring to a record high, marking a significant market shift as investors turn to gold amidst economic concerns.
Federal Reserve
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Despite a 1% dip, gold prices are poised for their second consecutive weekly gain, bolstered by economic uncertainties, inflation fears, and geopolitical tensions.
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Gold prices suffer their biggest one-day drop in over two years after a robust US jobs report and a halt in gold buying by China’s central bank raise concerns about future interest rates and investor demand.
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Gold prices surged on Wednesday, reaching their highest level in nearly a month, as data indicated cooling inflation and sluggish retail sales in the United States. These figures bolstered expectations of an interest rate cut by the Federal Reserve later this year, which typically strengthens the appeal of gold.
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The gold market is experiencing a period of volatility as investors grapple with mixed signals from the US economy and renewed geopolitical tensions in the Middle East. Following its first two-week decline of 2024, gold prices edged higher on Monday, reflecting this complex economic and political landscape.
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The price of gold is on hold as investors await the outcome of the Federal Reserve meeting and the release of key US jobs data. The Fed is expected to maintain its hawkish stance on interest rates, while a strong jobs report could further dampen gold prices. However, potential upside factors include increased buying from Asia and a weakening US dollar.
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Gold prices skyrocketed to a record high on Monday, surpassing the $2,265 mark per ounce in pre-market trading. This surge comes amid…