Gold News – 13.Sep.2024

Gold News

Gold Prices: Reached an all-time high at $2,570.03, rising due to a weakening U.S. dollar and expectations of a potential reduction in U.S. interest rates.

Weekly Performance: Gold has gained about 3% this week; palladium is up 15% so far this week.

U.S. Dollar: Fell to a one-week low, making gold cheaper for non-dollar holders.

Fed Rate Cut Expectations: Market anticipates a possible long easing cycle from the Federal Reserve, with a 45% chance of a 50-basis-point cut and 55% for a 25 bp cut in the upcoming meeting.

Geopolitical and Economic Uncertainty: Gold remains bullish due to ongoing uncertainties; central banks are increasing gold purchases as a hedge.

Other Metals: Spot silver rose 0.2%, platinum gained about 1%, and palladium edged up 0.1%, driven by concerns over potential Russian export curbs on critical metals.

Author : Arman Shaban
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