Gold Prices Near Three-Week Highs on Diminished Rate Hike,...

On Wednesday, the price of gold remained close to its highest point in three weeks, following less-than-impressive U.S. job openings and consumer confidence data. This data has reduced expectations of interest rate hikes by the Federal Reserve for the remainder of the year.

- Spot gold maintained its position at $1,936.59 per ounce as of 0115 GMT, trading near its peak reached on Tuesday, which was the highest level since August 7th.
- Meanwhile, U.S. gold futures stabilized at $1,964.30.


XAUUSD SELL 1936-1938🕯

✔️ TP1: 1932
✔️ TP2: 1926

🚫 SL: 1943

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* Spot gold remained steady at $1,936.59 per ounce as of 0115 GMT, hovering near its highest levels since August 7th, which were reached on Tuesday. Concurrently, U.S. gold futures stabilized at $1,964.30.

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U.S. Treasury yields reached a three-week low on Tuesday due to weakening data and a declining dollar, consequently reducing the cost of gold for holders of other currencies. These lower rates heightened the demand for gold, which does not yield interest.

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In July, U.S. job openings fell to their lowest point in almost 2.5 years, signaling a gradual slowdown in the labor market and strengthening the anticipation that the Federal Reserve will maintain current interest rates next month.

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Investors are eagerly anticipating the US PCE price index, the Federal Reserve's favored inflation measure, scheduled for release on Thursday, and nonfarm payrolls on Friday, in search of additional insights into the future path of interest rates.

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The Federal Reserve is anticipated to maintain its current stance at its upcoming meeting next month, with market expectations reflecting a 44% probability of a rate increase in the November meeting. This is a slight decrease from the 51% probability reported just a day earlier, as indicated by the CME's FedWatch Tool.