GOLD PRICES REBOUND WITH BUYERS CAPITALIZING ON DIP AS GEOPOLITICAL TENSIONS EASE
- Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields.
- De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
- US Durable Goods Orders were solid, but expectations for Fed rate cuts shift to later in the year.
Gold recovered some ground on Wednesday after posting back-to-back negative sessions during the beginning of the week as geopolitical risks abated. Better-than-expected economic data from the United States (US), a strong US Dollar, and higher US Treasury yields were not an excuse for golden metal buyers, who stepped in to buy the latest dip.
XAU/USD trades at $2,327 and has gained 0.28%. The Middle East conflict seems to have de-escalated following the fire’s interchange between Iran and Israel. Expectations for a Federal Reserve (Fed) rate cut in June and July vanished as most market participants speculate that the fed funds rate will be lowered for the first time in September 2024.
The US Department of Commerce showed that March’s Durable Goods Orders rose above estimates and February’s numbers, while core sales missed projections but showed an improvement compared to the previous month.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.