GOLD head downhill
World gold price stood at 2,020 USD/ounce, down 10 USD/ounce compared to the same hour yesterday morning.
Improved optimism has had a significant impact on gold prices. Investors turned their attention to more risky markets such as stocks, causing gold prices to decline. Technical selling and a recovery in equity markets could be the two main factors limiting investor interest in the international gold market.
In addition, according to analysts, the gold market is not doing well in the context of investors reducing expectations that the US will cut interest rates, after the US Federal Reserve (Fed) said it needed to monitor more inflation data. before loosening monetary policy. Since then, the USD has remained anchored at a high price, which is detrimental to today's gold price.
Gold prices fell about 1% last week, the biggest weekly decline in six weeks. According to CME FedWatch Tool, traders are assessing a roughly 43.5% chance the Fed will cut interest rates in March, compared with more than 70% at the beginning of last week.
Investors are now waiting for the US preliminary purchasing managers index report to be released on Wednesday, fourth-quarter GDP data expected on Thursday and personal consumption expenditure data on Friday to confirm. There are more signals about the interest rate direction of the US Central Bank.
Improved optimism has had a significant impact on gold prices. Investors turned their attention to more risky markets such as stocks, causing gold prices to decline. Technical selling and a recovery in equity markets could be the two main factors limiting investor interest in the international gold market.
In addition, according to analysts, the gold market is not doing well in the context of investors reducing expectations that the US will cut interest rates, after the US Federal Reserve (Fed) said it needed to monitor more inflation data. before loosening monetary policy. Since then, the USD has remained anchored at a high price, which is detrimental to today's gold price.
Gold prices fell about 1% last week, the biggest weekly decline in six weeks. According to CME FedWatch Tool, traders are assessing a roughly 43.5% chance the Fed will cut interest rates in March, compared with more than 70% at the beginning of last week.
Investors are now waiting for the US preliminary purchasing managers index report to be released on Wednesday, fourth-quarter GDP data expected on Thursday and personal consumption expenditure data on Friday to confirm. There are more signals about the interest rate direction of the US Central Bank.
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