GOLD - Headed higher over the past week
Gold prices remain stable around $2,035, witnessing a slight increase of 0.17%. This development follows the announcement by the U.S. Bureau of Economic Analysis (BEA) indicating growth in the country's economy. The decline in U.S. Treasury yields has kept gold near its monthly and weekly highs.
The stock market indices have seen little to no change, with some even experiencing minor declines. The Gross Domestic Product (GDP) for the final quarter of 2023 grew slightly less than expected, according to consensus forecasts and preliminary reports. Moreover, Retail and Wholesale Inventories have shown mixed results.
The Federal Reserve Chair made a statement reiterating previous comments about the possibility of adopting more accommodative monetary policies later this year. They also highlighted that the core inflation rate has yet to meet the desired 2% target.
In conclusion:
Given the unstable U.S. economic data, which is detrimental to the dollar but beneficial for gold, gold prices continue to find support as they aim for higher price regions.
The stock market indices have seen little to no change, with some even experiencing minor declines. The Gross Domestic Product (GDP) for the final quarter of 2023 grew slightly less than expected, according to consensus forecasts and preliminary reports. Moreover, Retail and Wholesale Inventories have shown mixed results.
The Federal Reserve Chair made a statement reiterating previous comments about the possibility of adopting more accommodative monetary policies later this year. They also highlighted that the core inflation rate has yet to meet the desired 2% target.
In conclusion:
Given the unstable U.S. economic data, which is detrimental to the dollar but beneficial for gold, gold prices continue to find support as they aim for higher price regions.
