GOLD increased by weak USD and tensions in the Middle East

OANDA:XAUUSD   Gold Spot / U.S. Dollar
World gold prices increased with spot gold increasing by 10.7 USD to 2,034.9 USD/ounce. Gold futures last traded at 2,045.5 USD/ounce, up 14.5 USD compared to yesterday morning.

After a series of stable days, world gold increased on Friday thanks to the weakening of the USD and increased safe-haven buying due to concerns related to developments in the Middle East. The US Dollar Index recorded its first weekly decline in nearly two months, making bullion priced in greenbacks cheaper for overseas buyers.

Gold's recovery in the last trading session of this week was mainly due to the weakness of the greenback. Safe-haven buying also provided a boost to precious metals. However, gold's rise in recent times has been restrained by hawkish comments from US Federal Reserve (Fed) officials.

On Thursday this week, Fed Governor Christopher Waller emphasized that there will be "no rush" to make a decision to cut interest rates. This has reinforced investors' confidence that the US will delay loosening monetary policy until June.

In the minutes of the first policy meeting of 2024, most Fed policymakers expressed concern about the risks of cutting interest rates too soon. Recent data showing higher-than-expected U.S. producer and consumer prices also dashed speculation of an early interest rate cut and that added pressure on bullion.

Gold prices have pulled back from their weekly high and are likely to test the support zone around $2010. Despite a downward trend this year, gold still has the potential for upward spikes due to its safe haven appeal amidst geopolitical tensions. In 2024, gold is expected to benefit from tailwinds such as its safe haven appeal, possible interest rate cuts, lower US yields, and a weaker dollar.
We will pay attention to the 2050 round resistance mark. If next week the gold price trades above this mark, it may continue to increase.
If this resistance level cannot be broken, the gold price will fall back to around the 2005 support mark.
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