XAUUSD - Increased sharply when GDP did not meet expectations
World gold prices continue to be supported when provided with a lot of weak US economic data that almost confirms the view that the US Federal Reserve (FED) may not raise interest rates at the Fed meeting on January 20. 9 to .
Gold price on August 31 increased to its highest level in a recent month
Yields on 10-year US Government bonds fell to their lowest level since November 8, while the "greenback" fell to a two-week low after US GDP data showed that the country's economy was slowing. weaken in the second quarter of 2023.
Specifically, new data layouts are found, the labor market shows signs of cooling and the number 1 economy is slowing down. The US Bureau of Economic Analysis's second quarter gross domestic product report showed that the economy grew by 2.1%, lower than economists' estimate of 2.4%. Personal consumption price index (PCE) in the second quarter increased by 2.5%, lower than forecast of 2.6%.
Market data believes that the FED may not raise interest rates in the near future, at least interest rates will remain unchanged after the meeting at the end of September.
Gold price on August 31 increased to its highest level in a recent month
Yields on 10-year US Government bonds fell to their lowest level since November 8, while the "greenback" fell to a two-week low after US GDP data showed that the country's economy was slowing. weaken in the second quarter of 2023.
Specifically, new data layouts are found, the labor market shows signs of cooling and the number 1 economy is slowing down. The US Bureau of Economic Analysis's second quarter gross domestic product report showed that the economy grew by 2.1%, lower than economists' estimate of 2.4%. Personal consumption price index (PCE) in the second quarter increased by 2.5%, lower than forecast of 2.6%.
Market data believes that the FED may not raise interest rates in the near future, at least interest rates will remain unchanged after the meeting at the end of September.
✅TP1: 1942
✅TP2: 1947
🚫SL: 1927