Gold News – 30.Sep.2024
Gold News
Gold Price Update: Gold is trading at $2,645 per ounce, slightly lower due to a stronger U.S. dollar but still near recent record highs.
Quarterly Performance: Gold is on track for its best quarter in over eight years, having risen over 14% this quarter and 6% in September alone.
Market Drivers: The Federal Reserve’s recent rate cut, expectations of another cut in November, China’s stimulus measures, and geopolitical concerns in the Middle East are supporting gold’s price.
Future Outlook: Analysts believe gold could potentially target $2,700 if upcoming U.S. labor market data supports further rate cuts by the Fed.
Key Events This Week: U.S. ADP employment figures, nonfarm payrolls, and speeches from Fed Chair Jerome Powell and Governor Michelle Bowman could provide more market direction.
Geopolitical Update: Israel launched airstrikes on Houthi militia in Yemen and Hezbollah targets in Lebanon, adding to gold’s safe-haven appeal.
Other Metals: Silver fell 0.4% to $31.49 but remains up 8% for the quarter and Platinum is slightly down at $999.35, and palladium rose to $1,012.50, both heading for quarterly gains.
Author : Arman Shaban
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