Increase sharply after the job report, gold promises 1800 USD?
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Today, the price of gold got off to a promising start as it traded at its highest level in many months, reaching $1832 USD. This positive momentum was fueled by anticipated good news from the United States. The precious metal experienced a turnaround due to optimistic employment data, which suggests that the US Federal Reserve (Fed) may not proceed with any further interest rate hikes this year as originally predicted. Consequently, the value of the US dollar has declined for three consecutive sessions.
It is worth noting that while gold has been on an upward trajectory recently, this trend may only be temporary given the persistent strength of the dollar. On October 12th, there will be an announcement regarding September's inflation index (CPI) in the United States. If this index shows a decrease for September, it is likely that interest rates will remain unchanged by the Fed. Conversely, if CPI exceeds expectations and increases significantly, it could prompt an interest rate hike by the Fed and potentially cause gold prices to drop below 1:800 per ounce threshold.
Today, the price of gold got off to a promising start as it traded at its highest level in many months, reaching $1832 USD. This positive momentum was fueled by anticipated good news from the United States. The precious metal experienced a turnaround due to optimistic employment data, which suggests that the US Federal Reserve (Fed) may not proceed with any further interest rate hikes this year as originally predicted. Consequently, the value of the US dollar has declined for three consecutive sessions.
It is worth noting that while gold has been on an upward trajectory recently, this trend may only be temporary given the persistent strength of the dollar. On October 12th, there will be an announcement regarding September's inflation index (CPI) in the United States. If this index shows a decrease for September, it is likely that interest rates will remain unchanged by the Fed. Conversely, if CPI exceeds expectations and increases significantly, it could prompt an interest rate hike by the Fed and potentially cause gold prices to drop below 1:800 per ounce threshold.
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The attack on Israel of Hamas forces on October 7 could increase the attractiveness of gold because it became a safe shelter channel.
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