Gold News – 03.Oct.2024
Gold News
Gold Price Movement: Gold is currently trading around $2,644 per ounce, slightly lower but still maintaining its safe-haven appeal amid the deepening Middle East crisis.
Geopolitical Tensions: Iran launched a missile attack on Israel, which led to increased Israeli strikes across the region and a vow for retaliation against Iran.
US Economic Impact: Strong US labor data limited gold’s upward momentum by reducing expectations for the Federal Reserve to ease monetary policy further.
Labor Market Data: ADP data showed higher-than-expected private-sector job creation in September, reinforcing positive results from the JOLTS report.
Fed Rate Cut Expectations: Markets are pricing in a 66% chance of a 25 basis point rate cut in November.
Impact of Lower Rates: Lower interest rates decrease the opportunity cost of holding non-interest-bearing assets like gold.
Author : Arman Shaban
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