Gold News – 11.Oct.2024
Gold News
Gold Price Surge: Gold surged to near $2,650 per ounce following a hotter-than-expected CPI report for September.
Inflation Data Impact: September’s CPI rose 2.4% annually, beating expectations of 2.3%. Although it was lower than August’s 2.5%, it reignited inflation concerns, boosting demand for safe-haven assets like gold.
Market Reaction: Gold prices increased by 1.5%, extending gains as the US dollar and treasury yields pulled back after initial spikes.
Record High in Sight: Gold bulls are eyeing the ultimate record high of just under $2,700 per ounce.
Geopolitical and Economic Concerns: Geopolitical tensions and fears of potential Middle East conflict escalation continue to drive gold demand, as investors seek safe-haven assets amidst uncertainty.
Trend Reversal: With this latest price surge, gold snapped a six-day losing streak.
Author : Arman Shaban
To see more analyzes of Gold , Forex Pairs , Cryptocurrencies , Indices and Stocks , be sure to Follow and Join us on other Platforms :
– Public Telegram Channel
– YouTube Channel
– TradingView
– X (Twitter)
– How to join our FOREX VIP Channel ?
– How to join our Crypto VIP Channel ?
– CONTACT ME directly on Telegram
