Gold News – 27.Sep.2024
Gold News
Gold Price: Gold remains near $2,670 per ounce, trading at record levels.
Upcoming US PCE Report: Markets are awaiting the US PCE report for more clarity on the Federal Reserve’s monetary policy.
Recent US Data:
- US GDP growth for Q2 confirmed at 3%.
- Jobless claims unexpectedly declined.
- Durable goods orders remained steady.
Market Expectations: Fed funds futures show a 49% chance of a 50 basis point rate cut in November.
Global Factors:
- China’s additional fiscal stimulus supports gold.
- Rising geopolitical tensions in the Middle East increase gold’s appeal.
Weekly Performance: Gold is on track for a third consecutive weekly gain.
Author : Arman Shaban
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