In the early trading hours of Thursday, gold prices experienced a momentous surge, briefly peaking at $2303 before stabilizing within a steady range of $2292 to $2295. This ongoing ascent not only signifies another historical milestone for gold but also underscores its remarkable resilience amidst minor market adjustments.
The persistent climb in gold prices reflects its enduring strength, particularly in the face of potential challenges posed by a strong USD. The Federal Reserve, recognizing the potential unpredictability that a high USD can bring to the robust U.S. economy, remains vigilant and prepared for rate cuts. It's well understood that a weaker USD invariably acts as a catalyst, propelling gold prices upwards.
Moreover, escalating tensions in the Middle East serve to further enhance gold's allure as a safe-haven asset. Investors turn to gold in times of geopolitical uncertainty, seeking refuge from volatile markets. This surge in gold prices is, therefore, not only justified but also emblematic of its enduring status as a reliable store of value in turbulent times.
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As global economic dynamics continue to evolve and geopolitical tensions persist, gold stands as a beacon of stability, offering investors a hedge against market fluctuations and geopolitical risks. Its ascent to new heights underscores the enduring appeal and intrinsic value of this precious metal in today's uncertain world.
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NEWS RESULTS
USD🇺🇸 Initial Jobless Claims
Previous: 210K Expect: 213K
Current: 221K
Result: Negative for USD🇺🇸
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after hitting 200+ pips Gold (Xauusd) reversed whoever used break even and save safe profits like as me 🤞😎
Trade closed: target reached
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Gold prices continue to break records despite the strength of the dollar
Gold prices succeeded in breaking new records during trading today, Friday, and reached a new record during trading, despite the strength of the dollar after the release of positive American labor market data that is better than market expectations, which may affect upcoming American monetary policy decisions.
During Friday's trading, spot gold contracts rose by approximately $40, or approximately 1.59%, with gold trading near the level of $2,327 per ounce, which is the highest level of gold prices ever. Likewise, gold futures contracts rose by 1.67% and recorded about $2,347 per ounce, despite the rise in the US dollar and the rise in US bond yields.
Bank of America adheres to its expectations for gold in 2024 and is likely to reach this level
In a note published on Tuesday, commodity analysts at Bank of America, led by Michael Widmer, said that gold prices are heading towards $2,400 an ounce this year, as the famous investment bank was one of the banks that was highly optimistic about gold prices at the end of last year and everything they saw this year. It increased their conviction.
In December, Widmer said he was expecting gold to rise when the Fed started cutting interest rates, and that stance has changed little.
In a note published on Tuesday, commodity analysts at Bank of America, led by Michael Widmer, said that gold prices are heading towards $2,400 an ounce this year, as the famous investment bank was one of the banks that was highly optimistic about gold prices at the end of last year and everything they saw this year. It increased their conviction.
In December, Widmer said he was expecting gold to rise when the Fed started cutting interest rates, and that stance has changed little.