Gold News – 31.Jul.2024

Gold News

Rate Hold Projection: The Federal Reserve is expected to keep the interest rate flat at 5.50%.

Gold Prices Rise: Gold prices have increased for the second straight day, reaching $2,420 per ounce, up more than $40 from the previous day’s opening level of $2,377 per ounce.

Market Expectations: The rise in gold prices is driven by the expectation that, while rates may stay flat today, the Fed might consider a rate cut in September.

Impact on Gold: Lower borrowing costs are generally beneficial to gold, as it is a non-yielding asset that performs well in a low interest-rate environment due to reduced opportunity costs.

Fed Guidance: Traders are focused on Fed Chairman Jay Powell’s guidance following the rate decision, expecting his comments to influence market movements.

Volatility: Heightened volatility in gold prices and potential trading opportunities are anticipated as traders react to the Fed’s decisions and Powell’s comments.

Author : Arman Shaban
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