Gold News – 20.May.2024

Gold News – 20.May.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

Gold News

Gold Price Surge: Gold reached a new high of $2,440 an ounce due to expectations of a Federal Reserve rate cut and increased demand for safe assets amid geopolitical risks.

Geopolitical Tensions: The death of Iranian President Ebrahim Raisi in a helicopter crash has led to political uncertainty in the Middle East. Concurrently, Saudi Crown Prince Mohammed bin Salman’s travel plans were affected by King Salman’s health concerns.

US Economic Indicators: Recent data indicates a slowdown in US consumer inflation and retail sales, which may give the Federal Reserve room to implement monetary easing.

Market Expectations: There is a market anticipation of a Federal Reserve rate cut happening in September.

Federal Reserve Officials’ Speeches: Investors are looking forward to speeches by Fed officials for further direction.

Central Bank Activity: China’s central bank purchases, aimed at decreasing reliance on the US dollar, are also bolstering the upward trend in gold prices.

Author : Arman Shaban
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