Driven by safe-haven demand during conflicts in the Middle East,gold futuresPrices strengthened on Thursday (18th) as investors looked to the Federal Reserve (Fed) for more clarity on its future interest rate path.
New Yorkgold futuresrose 0.8% to close at $2,021.60 per ounce
goldSpot prices rose 0.84% to US$2,022.58 per ounce, recovering from the 5-week low hit the previous day.
Daniel Pavilonis, senior market strategist at RJO Futures, said that because there was too much uncertainty, geopolitical tensions inadvertently coordinated, allowing gold prices to remain in the $2,000 range.
The United States on Wednesday added Yemen’s Houthi rebels to a list of terrorist groups after they attacked a second U.S.-operated ship in the Red Sea this week.
Raphael Bostic, president of the Federal Reserve Bank of Atlanta (Fed), recently said that if interest rates are cut too early, inflation could see a tug-of-war. He said on Thursday he was also open to cutting interest rates earlier if there was “convincing” evidence in the coming months that inflation was falling faster than he expected.
According to CME’s FedWatch tool, traders see a 57% chance of a rate cut in March.
City Index market analyst Fawad Razaqzada said in a report,goldInvestors are analyzing how much of a negative impact a delay in interest rate cuts could have on gold prices, although a flurry of U.S. data could help gold prices rise.
Data showed that the number of people filing initial claims for unemployment benefits in the United States fell to the lowest level since the end of 2022 last week, indicating that employment growth in January may remain solid.
Other metal trading
- Spot goodssilverIt rose 0.9% to $22.7302 an ounce on Wednesday.
- stipendrose 2.57% to $938.9116 per ounce.
- Platinum rose 2.74% to $907.574 an ounce.
In its 2024 outlook, HSBC expects that this yearsilverThe price is $24.33 per ounce.
2024-01-18 22:51:38
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