Gold prices rose by more than $8 during today’s trading, Tuesday, January 30 (2024), continuing to reap gains for the second session in a row, with the US currency declining.
This comes as traders await the US Central Bank’s decision regarding key interest rates and the statements of its Chairman, Jerome Powell.
Gold prices ended their trading yesterday, Monday, January 29, at an increase of more than $8, with escalating tensions in the Middle East. This has increased the attractiveness of bullion as a safe haven.
Gold prices today
By 06:55 a.m. GMT (09:55 a.m. Mecca time), gold futures prices – for delivery in April 2024 – rose by 0.40%, or the equivalent of $8.1, to reach $2,052.7 per ounce.
The prices of contracts for immediate delivery of gold increased by 0.08%, to $2034.86 per ounce, according to figures seen by the specialized energy platform.
On the other hand, the spot price of silver metal fell by 0.11% to $23.18 per ounce, and the spot price of platinum fell by 0.34% at $929.03 per ounce, while the spot price of palladium fell by 0.64%, to record $982.19 per ounce.
At the same time, he retreated Dollar index – which monitors the performance of the US currency against 6 major currencies – by 0.03%, reaching the level of 103.57 points.
Gold jewelry in an exhibition – photo from Reuters
Gold price analysis
Director of Kedia Commodities, Ajay Kedia, said that traders are awaiting the US Federal Reserve’s policy expectations and key jobs data this week, which will boost gold prices, but prices are expected to rise slightly on the positive side on Tuesday, due to geopolitical tensions in the East. Middle.
Markets widely expect the Federal Reserve to hold interest rates at its two-day policy meeting, starting later Tuesday, but attention will largely be on Powell’s comments on Wednesday.
Traders are betting on five quarter-point interest rate cuts for 2024 in the US, with the first of those arriving at a coin flip opportunity in March.
A survey conducted by the agency showed Reuters Yesterday, Monday, uncertainty about the economy and US interest rate cuts may push gold prices to record levels in 2024.
The dollar index fell, which generally makes gold more attractive to holders of other currencies, and the yield on standard US Treasury bonds reached its lowest level in two weeks, at 4.0430%.
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2024-01-30 07:27:13
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