Gold Daily | Gold Prices Surge Amid Geopolitical Tensions and Central Bank Rate Cut Expectations

Generado por agente de IAAinvest Market Brief
martes, 22 de octubre de 2024, 8:00 am ET1 min de lectura
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【Latest Gold Price and Recent Trends】

Gold prices rose to $2,750/oz, up 31.72% this year. Demand is driven by uncertainty around the US election, Middle East tensions, and expected central bank rate cuts.

【Technical Analysis】

Gold remains bullish despite rising bond yields. It tested new highs but faces resistance at $2,741/oz. A break could target $2,750/oz, but caution is advised due to potential pullbacks.

【Market Sentiment and Economic Background】

Gold's rise is supported by geopolitical uncertainty and strong central bank demand. The US election and Middle East tensions add to gold's appeal as a safe-haven asset. The Federal Reserve's expected rate cuts further bolster its attractiveness.

【Analyst Opinions】

Analysts see potential for further gold price increases amid geopolitical tensions and rate cut expectations. UBS’s CIO suggests structured strategies or ETFs for those avoiding single commodity volatility. Citi raised its 3-month forecast to $2,800/oz, citing a weakening US labor market and strong physical and ETF buying.

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