Gold News – 24.Jan.2025
Gold News
Gold Prices Surge: Spot gold jumped 0.6% to $2,770.39 per ounce, reaching a three-month high of $2,777.10 earlier in the day. It’s set for a fourth straight weekly gain, up over 2% this week.
Dollar Weakens: The dollar is down over 1% for the week, its worst weekly fall in two months, making gold cheaper for foreign buyers.
Trump’s Influence: U.S. President Donald Trump’s call for global interest rate cuts and lack of clarity on tariffs weakened the dollar, driving investors to gold as a safe-haven asset.
Bank of Japan Decision: The Bank of Japan raised interest rates to their highest since 2008, strengthening the yen and further pressuring the dollar, supporting gold prices.
Bullish Gold Outlook: Analysts predict gold could hit the $3,000 mark this year, supported by current bullish trends.
Other Metals Gain:
Spot silver rose 1.2% to $30.82 per ounce.
Palladium gained 1.5% to $1,006.48.
Platinum rose 1.1% to $952.70.
All three metals are set for weekly gains.
Upcoming Events: U.S. Federal Reserve and European Central Bank rate decisions are due next week, with almost no chance of a Fed rate cut, potentially affecting bullion’s appeal.
Author : Arman Shaban
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