2023-08-30 21:36:17
gold
Gold prices hit their highest levels in nearly a month on Wednesday, as a fresh batch of weak US economic data reinforced expectations that the US Federal Reserve may have to stop raising interest rates.
The price of the yellow metal rose in spot transactions by 0.25 percent to $ 1942.32 an ounce, which is slightly below its highest level since the second of August.
US 10-year Treasury yields fell to their lowest since Aug. 11, while the dollar fell to a two-week low after US GDP data showed the economy slowed in the second quarter.
And the Fed Watch service of the (CME) group stated that bets that the US central bank will keep interest rates unchanged in September rose to nearly 91 percent, from 88.5 percent before the data was published, while expectations increased to stop raising interest rates in September. November to nearly 59 percent from 52 percent the day before.
The CEO of the Corum Center for Strategic Studies, Tariq Al-Rifai, said in statements to Sky News Arabia that the yellow metal is considered a safe haven to hedge risks in the financial markets at the present time.
Al-Rifai added that the investor has now begun to see the existence of high risks in the financial markets, which increased the demand for the yellow metal to hedge against fluctuations in the markets.
He explained that the survival of gold below levels of $ 2000 an ounce will keep it in a state of fluctuation between rise and fall, as the level of $ 2000 is a point that can determine the future direction of gold.
Corum for Studies: America’s Economy Pays the Price for the Federal Reserve’s Decisions
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