Gold News – 03.May.2024

Gold News

Gold prices have stabilized at $2,300 per ounce after a drop to a nearly 1-month low of $2,277.

The price stabilization occurred as investors capitalized on higher gold valuations to book profits.

This activity persisted despite the release of weaker-than-expected US labor data.

The labor data led to speculation that the Federal Reserve might reduce interest rates this year, which could support non-yielding assets like gold.

However, the potential for interest rate cuts prompted investors to seek riskier assets instead of gold.

Over the week, gold’s value decreased by more than 1.5%.

The decline is attributed to the growing hope for a ceasefire between Israel and Hamas, brokered by Egypt, which diminished gold’s status as a safe-haven asset.

Author : Arman Shaban
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