Gold Prices Rise on Safe-Haven Demand Despite Mixed Economic,...
Gold prices in early Asian trading have inched higher. Analysts from Ping An Securities attribute this uptick to increased demand for the safe-haven asset, driven by the release of weak August manufacturing PMI data in the U.S. last week. However, the precious metal's performance may face downward pressure as U.S. initial jobless claims for the week ending August 19 dropped more than anticipated, suggesting ongoing tightness in the U.S. job market. Ping An anticipates gold prices to exhibit fluctuations in the near term. Currently, spot gold is showing a 0.1% increase, reaching $1,922.41 per ounce.
XAUUSD
BUY LIMIT 1917 - 1919🕯
✅ TP1: 1922
✅ TP2: 1927
⚠️ SL: 1913
XAUUSD
BUY LIMIT 1917 - 1919🕯 ✅ TP1: 1922
✅ TP2: 1927
⚠️ SL: 1913
Bình luận:
On Monday, gold prices saw an increase as the dollar stabilized, and Treasury yields declined. This shift in the financial markets followed a Friday speech by Federal Reserve Chair Jerome Powell, in which he cautioned that additional interest rate hikes could still be on the horizon as the central bank aims to bring inflation down to its 2% target.
Bình luận:
As of the latest update, the price of gold for December delivery has increased by $3.30, reaching $1,943.20 per ounce.
This uptick in gold prices is a response to Powell's hawkish speech, which has tempered expectations that the central bank might quickly implement interest rate cuts. Instead, Powell has committed to further rate hikes until inflation shows signs of easing.
This uptick in gold prices is a response to Powell's hawkish speech, which has tempered expectations that the central bank might quickly implement interest rate cuts. Instead, Powell has committed to further rate hikes until inflation shows signs of easing.
Bình luận:
On Tuesday, gold prices increased as the recent upward movement in the U.S. dollar and Treasury yields appeared to lose momentum. This occurred just before significant inflation and employment data releases scheduled for the week, which have the potential to shape future interest rate trends.
Bình luận:
At 0645 GMT, spot gold (GOLD) edged up by 0.2% to $1,923.27 per ounce, remaining near its highest point since August 10, which was achieved on Monday. In parallel, U.S. gold futures (GOLD) also increased by 0.2%, reaching $1,951.10.
Bình luận:
Kelvin Wong, a senior market analyst in Asia Pacific at OANDA, noted that gold prices are witnessing short-covering by speculators following the breakthrough of a minor key resistance level at $1,907, which also aligned with the 200-day moving average.
