XAUUSD - Gold prices continue to increase sharply
World gold prices stabilized with spot gold increasing by 2.2 USD to 2,042.7 USD/ounce. February gold futures last traded at 2,065.2 USD/ounce, up 5 USD compared to yesterday morning.
The yellow metal was mildly volatile and had little reaction after the latest report showed the strength of the US economy in the third quarter. Specifically, according to the Bureau of Economic Analysis, US GDP in the third quarter increased by 5.2%, up from the estimate of 4.9%.
Stronger GDP data boosted the USD and put slight pressure on gold in mid-week trading. However, expectations that the US Federal Reserve (Fed) may cut interest rates in the first half of next year continue to keep bullion near a 7-month high.
Additionally, gold will still benefit from safe-haven demand due to concerns related to geopolitical tensions. Given those factors, SocGen analysts see a push above $2,000 as the start of a larger recovery that could keep gold prices at around $2,200 an ounce in 2024.
The yellow metal was mildly volatile and had little reaction after the latest report showed the strength of the US economy in the third quarter. Specifically, according to the Bureau of Economic Analysis, US GDP in the third quarter increased by 5.2%, up from the estimate of 4.9%.
Stronger GDP data boosted the USD and put slight pressure on gold in mid-week trading. However, expectations that the US Federal Reserve (Fed) may cut interest rates in the first half of next year continue to keep bullion near a 7-month high.
Additionally, gold will still benefit from safe-haven demand due to concerns related to geopolitical tensions. Given those factors, SocGen analysts see a push above $2,000 as the start of a larger recovery that could keep gold prices at around $2,200 an ounce in 2024.
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