Gold News – 07.Aug.2024

Gold News

Gold is down almost 4% from its August peak of $2,475 per ounce due to a changing economic landscape.

On Tuesday, gold (XAU/USD) extended its decline, marking four consecutive days of negative performance.

The stronger US dollar is contributing to gold’s weakness, as it becomes more expensive in international markets.

Despite the decline, analysts believe Middle East tensions and potential interest rate cuts could boost gold prices.

Markets are pricing in a 65% chance of the Federal Reserve cutting interest rates by 50 basis points in September, up from an earlier expectation of 25 basis points.

Lower interest rates typically make gold more attractive compared to the US dollar, which benefits from a higher rate environment.

Author : Arman Shaban
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