Gold News – 16.Aug.2024

Gold News

Gold rose to $2,468 per ounce on Friday, continuing its upward trend and on track to post a weekly gain after a previous decline.

The metal’s appeal as a safe-haven asset remains strong amid rising Middle East tensions, particularly concerns about potential Iranian retaliation against Israel.

Strong US economic data, including unexpectedly high retail sales and a drop in initial jobless claims, suggests a robust economy.

These indicators shifted expectations toward a 25 basis points rate cut by the Federal Reserve in September, rather than the previously anticipated 50 basis points cut.

This change in rate cut expectations has dampened gold’s momentum due to its inverse relationship with interest-bearing assets.

Author : Arman Shaban
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