DXY keeps falling on recent news, Gold continues to rise
World gold prices rose as the code hit a 2-week high as expectations that the Fed would cut interest rates in the spring increased.
World gold prices increased sharply this morning with spot gold increasing by 21.6 USD to 1,980.8 USD/ounce. Gold futures last traded at 1,987.3 USD/ounce, up 23 USD compared to yesterday morning.
Gold prices soared to a 2-week high as they were boosted by falling US Treasury bond yields amid the prospect that the US Federal Reserve (Fed) has completed its cycle of raising interest rates and will carry out interest rate cuts next spring increasingly.
Ole Hansen, commodity strategist at Saxo Bank, said that gold will maintain its recent strong gains as long as prices hold above $1,930 an ounce. He said the prospect of lower interest rates and demand from central banks will be strong enough support factors for gold to withstand any short-term strength from economic data.
Data on Wednesday showed US producer prices fell the most in 3.5 years in October, the latest sign that inflation pressures are easing, while retail sales fell for the first time. after 7 months. Previously on Tuesday, data showed that US pepper prices were unchanged compared to the level recorded in October.
World gold prices increased sharply this morning with spot gold increasing by 21.6 USD to 1,980.8 USD/ounce. Gold futures last traded at 1,987.3 USD/ounce, up 23 USD compared to yesterday morning.
Gold prices soared to a 2-week high as they were boosted by falling US Treasury bond yields amid the prospect that the US Federal Reserve (Fed) has completed its cycle of raising interest rates and will carry out interest rate cuts next spring increasingly.
Ole Hansen, commodity strategist at Saxo Bank, said that gold will maintain its recent strong gains as long as prices hold above $1,930 an ounce. He said the prospect of lower interest rates and demand from central banks will be strong enough support factors for gold to withstand any short-term strength from economic data.
Data on Wednesday showed US producer prices fell the most in 3.5 years in October, the latest sign that inflation pressures are easing, while retail sales fell for the first time. after 7 months. Previously on Tuesday, data showed that US pepper prices were unchanged compared to the level recorded in October.
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✔️TP1: 1980
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