Gold News – 09.Aug.2024
Gold News
Gold Price Movement: Gold eased towards $2,420 per ounce after nearly a 2% rise in the previous session.
Geopolitical Influence: The metal’s safe-haven appeal is bolstered by escalating geopolitical tensions, particularly concerns about potential retaliatory strikes by Iran against Israel and a Ukrainian attack on Russia.
Federal Reserve Expectations: Markets anticipate a Fed rate cut, though predictions are now tempered. Investors are divided between a 50 basis point or a 25 basis point cut in September.
US Economic Indicators: A significant drop in US initial weekly jobless claims and a strong ISM services PMI for July have eased recession fears.
Weekly Performance: Despite the previous gains, gold is set to decline over the week.
Author : Arman Shaban
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