Gold News – 01.Aug.2024
Gold News
Gold Price Stability: Gold held around $2,450 per ounce on Thursday after a 1.6% climb in the previous session, staying close to record highs.
Federal Reserve Impact: The Federal Reserve kept interest rates unchanged, suggesting a possible shift towards a less restrictive monetary policy due to cooling consumer prices and a weakening labor market.
Middle East Tensions: Rising conflict in the Middle East, including the assassination of Hamas leader Ismail Haniyeh and the killing of Hezbollah’s top commander, is increasing gold’s appeal as a safe haven.
Record Highs: Gold futures reached a new all-time high in Asian trading at $2,502.8 per ounce, surpassing the previous record of $2,487.4 set on July 17.
Safe-Haven Demand: Investors are turning to gold due to geopolitical tensions and expectations of Fed interest rate cuts.
Analyst Insights: MUFG analysts highlight gold as their most bullish call due to expected Fed cuts, central bank demand, and gold’s role as a geopolitical hedge.
Author : Arman Shaban
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