Noha Makram – Live- Gold prices rose today, Monday, to exceed the $2,050 level with improved investment appetite in safe haven assets resulting from escalating tensions in the Middle East and renewed bets on the Federal Reserve cutting interest rates early.
The spot price of gold rose by 0.2% to $2,053.69 per ounce, at 04:35 GMT, after recording the largest daily gains on Friday since the twelfth of December.
US gold futures also rose 0.3% to $2,057.70.
As the Israel-Hamas war reached its 100th day and the Houthis vowed to respond to US air attacks, tensions rose in the Middle East.
While traders ignored the US CPI data exceeding expectations, while the data showed, on Friday, a surprising decline in US producer prices during December, which pushed 10-year Treasury bond yields to decline.
Traders are now anticipating that the Federal Reserve will cut interest rates by 166 basis points this year, higher than Friday’s bets of a 150 basis point cut.
Traders also expect 79% of the Fed to start cutting interest rates in March.
Wang Tao, a technical analyst at Reuters, said that the spot price of gold may break the resistance level of $2,060 per ounce and rise to a range of $2,071-2,079 per ounce.
In terms of other precious metals, the spot price of silver rose by 0.4% to $23.25 per ounce, while platinum jumped by 0.8% to $913.07.
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Nominations:
Gold rises as Middle East tensions enhance the attractiveness of safe-haven assets
Gold rises globally amid the weakness of the dollar and anticipation of US inflation data
US inflation beats expectations and rises 0.3% in December
2024-01-15 06:45:44
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