Gold News – 19.Nov.2024
Gold News
Gold Recovery: Gold rebounded to $2,620 per ounce on Tuesday, marking its highest level in a week after snapping a six-day losing streak.
Goldman Sachs Outlook: Analysts at Goldman Sachs advised investors to “go for gold,” projecting prices to reach $3,000 by December 2025 due to factors like increased central bank demand, interest rate cuts, geopolitical tensions, and concerns over US fiscal sustainability.
Market Drivers:
US Dollar Weakness: Gold’s rise was supported by a weakening dollar.
Fed Policy: Expectations for a quarter-point rate cut at the December Fed meeting dropped to just under 59% from 65% last week, raising investor uncertainty.
Geopolitical Risks: Escalating conflicts in the Middle East and between Russia and Ukraine are driving safe-haven demand.
Recent Performance: Gold had fallen to a low of $2,536 last week, its worst weekly loss since 2021 (-6.5%), but is now regaining momentum with consecutive daily gains.
Future Focus: Markets are closely watching Federal Reserve comments and President-elect Donald Trump’s cabinet appointments for further economic and geopolitical insights.
Author : Arman Shaban
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