Gold News – 01.Oct.2024

Gold News

Gold Price Movement: Gold rose towards $2,640 per ounce on Tuesday after falling for two consecutive sessions, driven by increased demand for safe-haven assets due to rising geopolitical risks in the Middle East.

Geopolitical Tensions: Lebanese troops withdrew from the Israeli border, and an Israeli ground invasion is seen as imminent following the killing of Hezbollah’s leader, escalating regional tensions.

Fed Chair’s Remarks: Fed Chair Powell stated that the recent large interest rate cut doesn’t signal a trend of equally aggressive future cuts. He indicated that any additional cuts would likely be smaller, at increments of 0.25%.

Rate Cut Odds: The chances of another 50-basis-point rate cut in November have dropped to 37%, down from over 50% the previous week.

Upcoming Economic Data: Investors are now awaiting more economic data, including the jobs report, JOLTS, and ISM manufacturing and services PMIs, for further market direction.

Author : Arman Shaban
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