Update XAU price movements today May 13, 2024
The world price of XAU is returning to an upward trend thanks to the simultaneous decrease in USD and US Treasury bond yields. Currently, the Dollar Index, a tool to measure the strength of the USD, has decreased
Although there are many influencing factors, it can be concluded that the factor strongly influencing the current gold price is the expectation of the Fed cutting interest rates. New signs show that the future of the US Federal Reserve (Fed) through reducing interest rates is not far away.
After two weeks of consolidation, gold is attracting some renewed bullish attention after holding initial support above around $2,300 an ounce, according to some analysts. Coming off lows at the start of the week, gold ended last week near a two-week high.
June gold futures prices last traded at 2,375.40 USD/ounce, up nearly 3% compared to last Friday's closing level (May 3).
Some analysts note that gold is benefiting from flexible interest rate expectations following disappointing economic data. On May 9, the number of weekly applications for unemployment benefits soared, showing that the US labor market is increasingly stagnant and reinforcing market concerns about the week's disappointing non-farm payrolls report. before.
Although there are many influencing factors, it can be concluded that the factor strongly influencing the current gold price is the expectation of the Fed cutting interest rates. New signs show that the future of the US Federal Reserve (Fed) through reducing interest rates is not far away.
After two weeks of consolidation, gold is attracting some renewed bullish attention after holding initial support above around $2,300 an ounce, according to some analysts. Coming off lows at the start of the week, gold ended last week near a two-week high.
June gold futures prices last traded at 2,375.40 USD/ounce, up nearly 3% compared to last Friday's closing level (May 3).
Some analysts note that gold is benefiting from flexible interest rate expectations following disappointing economic data. On May 9, the number of weekly applications for unemployment benefits soared, showing that the US labor market is increasingly stagnant and reinforcing market concerns about the week's disappointing non-farm payrolls report. before.
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