Gold News – 27.Aug.2024

Gold News

Gold Price Movement: Gold eased below $2,510 per ounce on Tuesday, despite strong expectations of US rate cuts and rising geopolitical risks.

US Rate Cut Expectations: Federal Reserve Chair Jerome Powell confirmed a rate cut for September, with the Fed preparing to lower rates as inflation nears its 2% target and concerns about a weaker labor market grow.

Fed Officials’ Comments: San Francisco Fed President Mary Daly supported the dovish stance, stating that it’s time to adjust policy, while Richmond Fed President Barkin also supported rate cuts due to a cooling labor market.

Geopolitical Tensions: Rising tensions in the Middle East have increased demand for safe-haven assets like gold.

Author : Arman Shaban
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