2023-07-19 13:09:29
gold
Gold prices moved, on Wednesday, near the highest level in eight months, which it recorded in the previous session, following economic data increased expectations that the US Federal Reserve is close to ending interest rate hikes.
Carlo Alberto de Casa, an external analyst at Kinesis Money, said expectations for next week’s Fed meeting have not changed, but the latest jobs and inflation data have begun to raise expectations that interest rate cuts will begin in early 2024.
“Moreover, the markets are almost certain that the next rate hike will be the last for a while,” he added.
According to 106 economists polled by Archyde.com, the expected rate hike on July 26 to a range of 5.25-5.50 percent may be the last time the US central bank raises interest rates in the current monetary tightening cycle.
And higher interest rates mean that bond prices will decline and their returns will increase, which makes such investments more attractive than gold, which does not yield a return.
IG: The decline in expectations of a recession in the US economy carried some positivity
price movements
Gold fell in spot trading by 0.08 percent, to $ 1,976.69 an ounce, by 13:00 GMT, under pressure from the dollar’s recovery from its lowest level in 15 months.
US gold futures also fell 0.04 percent to $1,980.75 an ounce.
Gold recorded its highest level since May 24 at 1984.19 dollars on Tuesday, to close up by regarding 1.2 percent.
As for other metals, silver rose in spot transactions 0.36 percent to $ 25.343 an ounce, and platinum fell 0.5 percent to $ 977.59 an ounce.
Palladium lost 2.5 percent, recording $1,286.21 an ounce, following rising to its highest level since June 26 at $1,325 on Tuesday.
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