Gold News – 05.Aug.2024

Gold News

Gold’s price initially fell over 1% but rebounded to trade around $2,440 an ounce.

Concerns about a deepening US economic slowdown and the Federal Reserve’s potential delay in rate cuts impacted equity markets.

Concerns about a US recession and a potential dovish pivot by the Federal Reserve are influencing gold prices.

US economic data on Friday showed only 114,000 jobs were added in July, below the expected 175,000.

The unemployment rate unexpectedly rose to its highest level since 2021, and wage growth slowed more than anticipated.

The ISM Manufacturing PMI indicated a larger-than-expected contraction in factory activity.

Tensions in the Middle East, particularly the potential for conflict between Israel and Iran, added to the market’s uncertainty.

Gold is one of the top-performing commodities this year, supported by central-bank buying, Asian consumer demand, and expectations of Fed rate cuts.

Markets now see over a 70% chance of a 50 basis point rate cut by the Fed in September, with a total of 155 basis points of easing expected this year and next.

Despite its haven status, gold can weaken if risk-asset selloffs are sudden and significant.

As of the latest update, gold was nearly unchanged at $2,440.70 an ounce.

Other metals like silver initially dropped but pared losses, while palladium and platinum remained lower.

Author : Arman Shaban
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