Gold News – 06.Aug.2024
Gold News
Gold Price: Steadied around $2,410 per ounce on Tuesday after a decline of over 1% in the previous session.
Safe-Haven Appeal: Gold’s upside bias remains due to its appeal as a safe-haven asset amid increased market risk aversion.
Economic Concerns: Investors are evaluating the likelihood of a US recession following weak economic data and disappointing corporate earnings.
Fed Rate Cuts: Heightened expectations for multiple rate cuts by the Federal Reserve, with markets pricing in over 100 basis points of total easing this year and a significant 50 basis point rate cut in September.
Fed Commentary: San Francisco Fed President Mary Daly expressed openness to cutting interest rates if necessary and emphasized a proactive policy approach.
Geopolitical Tensions: Elevated tensions in the Middle East continue to support gold’s safe-haven appeal.
Author : Arman Shaban
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