2023-12-29 11:58:00
Books – Islam Saeed Friday, December 29, 2023 01:58 PM Shahada gold pricesToday, Friday, a limited rise following falling yesterday due to a recovery U.S. dollar From its lowest levels in 5 months, and the yield on US government bonds was far from its lowest levels, and spot gold recorded an increase during today’s session, Friday, by 0.3% to trade at $2070 per ounce, following opening today’s session at the level of $2065 per ounce.
Yesterday, gold recorded the highest level in 3 weeks at $2088 per ounce, but the price then decreased by 0.6% to record the lowest level at $2064 per ounce, closing yesterday’s trading at $2065 per ounce, according to the Gold Bellon report.
Gold kept the price above the level of $2065 per ounce for 3 days, which has become support at the immediate level, and gold now has to break the important resistance level at $2080 per ounce, which opens the door to the target of $2100 per ounce.
Trading volumes are witnessing a weak decline in almost all global financial markets due to the holiday season, which prevents gold from gathering any upward momentum to breach the resistance level, which pushes the price to fluctuate between $2065 – $2080 per ounce.
Gold’s decline yesterday was helped by the recovery witnessed by the US dollar. The dollar index rose by 0.4% yesterday following recording a new lowest level in 5 months. This led to a decline in gold prices in light of the inverse relationship that links it with the dollar.
As for the pending home sales index in the United States, it was released yesterday to witness a zero reading of 0.0% during the month of November, compared to expectations that were high by 0.8, while the previous reading was low by -1.2%, which indicates another decline in the sector’s performance. Homes.
So far, indicators of the US economy indicate that it continues in the soft landing scenario, which means that the performance of the economy gradually declines without falling into economic stagnation, and this works to reduce inflation rates without falling into stagflation.
This scenario encouraged the US Federal Reserve to end the cycle of raising interest rates during its last meeting, indicating the expectations of bank members to reduce interest rates by 75 basis points during the year 2024, but the markets now expect that the reduction may reach 150 basis points and the bank may begin reducing interest rates in March. Next.
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