Strengthening world gold prices is powered by safe-haven demand
World gold prices increased sharply with spot gold increasing by 41.3 USD to 2,382 USD/ounce. Gold futures prices last traded at 2,400 USD/ounce, up 39.9 USD compared to yesterday morning.
Safe hidden demand due to worries about escalating tensions in the Middle East continued to provide energy for the yellow metal in the first trading session of the week. Gold prices rose sharply even as the dollar and Treasury yields rose after stronger-than-expected US retail sales data in March fueled worries that the US Federal Reserve (Fed) may can push the policy pivot.
Following the retail sales data, the dollar rose 0.2% and 10-year Treasury yields hit a five-month high. This is further evidence that the first economy has been reliably proven. The market has now reduced its forecast for the number of interest rate cuts this year to 2 times instead of 3 times previously.
Market analyst Tim Waterer of KCM Trade predicts that the reasonableness between geopolitical risks and the prospect that the Fed will maintain monetary policy in the second half of this year will continue to increase the hidden appeal. a whole set of gold. “In many ways, gold is being considered an ‘asset for all scenarios’ thanks to its resilience.
Safe hidden demand due to worries about escalating tensions in the Middle East continued to provide energy for the yellow metal in the first trading session of the week. Gold prices rose sharply even as the dollar and Treasury yields rose after stronger-than-expected US retail sales data in March fueled worries that the US Federal Reserve (Fed) may can push the policy pivot.
Following the retail sales data, the dollar rose 0.2% and 10-year Treasury yields hit a five-month high. This is further evidence that the first economy has been reliably proven. The market has now reduced its forecast for the number of interest rate cuts this year to 2 times instead of 3 times previously.
Market analyst Tim Waterer of KCM Trade predicts that the reasonableness between geopolitical risks and the prospect that the Fed will maintain monetary policy in the second half of this year will continue to increase the hidden appeal. a whole set of gold. “In many ways, gold is being considered an ‘asset for all scenarios’ thanks to its resilience.
✔️TP 2380
✔️TP 2370
❌SL 2395.5