Gold Daily | Spot Gold Dips Amid Geopolitical Tensions; Investors Eye Safe-Haven Amid Economic Uncertainty
Friday, Oct 25, 2024 8:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Spot gold fell 0.6% to around $2,720. Despite recent declines, geopolitical tensions support it, with investors seeking safe-haven assets. This week it rose 0.4%.
【Technical Analysis】
Gold is testing the pivot point at $2,727.95. Sustaining above may lead to $2,737.21 and further targets at $2,746.10 and $2,757.81. Key support is at $2,716.15.
【Market Sentiment and Economic Background】
The dollar is stable, influenced by expectations of slower Fed rate cuts and potential U.S. political changes. Upcoming U.S. data, like durable goods orders, could affect the dollar and gold. U.S. and Israeli negotiations on Gaza influence market risk appetite.
【Analyst Opinions】
Analysts note that geopolitical risks and economic uncertainty drive gold's appeal. HSBC suggests gold may remain above $2,200, supported by fiscal deficits and global monetary easing. Jim Rogers sees potential in silver, citing it as undervalued compared to gold.
【Market Sentiment and Economic Background】
Gold's role as a hedge during instability is emphasized, with increased mining output and recycling possibly affecting supply. Silver benefits from industrial demand, particularly from photovoltaic growth. The U.S. election adds to the uncertainty favoring gold.
【Opinions】
Investors seek gold amid fiscal deficit concerns and geopolitical tensions. Analysts suggest a new price paradigm for gold, possibly stabilizing above $2,200 due to ongoing uncertainties.
Spot gold fell 0.6% to around $2,720. Despite recent declines, geopolitical tensions support it, with investors seeking safe-haven assets. This week it rose 0.4%.
【Technical Analysis】
Gold is testing the pivot point at $2,727.95. Sustaining above may lead to $2,737.21 and further targets at $2,746.10 and $2,757.81. Key support is at $2,716.15.
【Market Sentiment and Economic Background】
The dollar is stable, influenced by expectations of slower Fed rate cuts and potential U.S. political changes. Upcoming U.S. data, like durable goods orders, could affect the dollar and gold. U.S. and Israeli negotiations on Gaza influence market risk appetite.
【Analyst Opinions】
Analysts note that geopolitical risks and economic uncertainty drive gold's appeal. HSBC suggests gold may remain above $2,200, supported by fiscal deficits and global monetary easing. Jim Rogers sees potential in silver, citing it as undervalued compared to gold.
【Market Sentiment and Economic Background】
Gold's role as a hedge during instability is emphasized, with increased mining output and recycling possibly affecting supply. Silver benefits from industrial demand, particularly from photovoltaic growth. The U.S. election adds to the uncertainty favoring gold.
【Opinions】
Investors seek gold amid fiscal deficit concerns and geopolitical tensions. Analysts suggest a new price paradigm for gold, possibly stabilizing above $2,200 due to ongoing uncertainties.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
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