Gold News – 09.Dec.2024
Gold News
Gold Prices Steady Near $2,650: Gold was treading water early Monday near $2,650 per ounce as broader markets rallied.
Interest Rates and Gold Competitiveness: Lower borrowing costs reduce the opportunity cost of holding non-yielding assets like gold, potentially making it more attractive to investors.
Market Rally Due to Trump’s Agenda: Stocks hit record highs, Bitcoin surpassed $100,000, and traders remained exuberant, largely attributed to President-elect Donald Trump’s pro-growth agenda for America.
Shift from Safe Havens to Risk Assets: Policies of deregulation, lower taxes, higher tariffs, and support for domestic businesses prompted traders to move away from safe-haven assets like gold toward real-economy companies, tech giants, AI projects, and cryptocurrencies.
Gold’s Recent Decline: Gold experienced a 0.8% loss over the week, adding to the previous week’s 2.4% decline, as it was overlooked in favor of riskier assets.
Positive Jobs Report Offers Hope for Gold: On Friday, the U.S. nonfarm payrolls report showed 227,000 jobs added in November, exceeding expectations of 202,000.
Impact on Federal Reserve Policy: The strong jobs data suggests the Federal Reserve is likely to proceed with another interest rate cut.
Author : Arman Shaban
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