Gold prices continue to approach $3,650 per ounce and are poised for a fourth weekly gain. This was fueled by expectations that the Federal Reserve will cut US interest rates, as inflows into gold-backed ETFs increased. Silver also rallied, reaching $42 per ounce—its highest level since 2011. Market sentiment was supported by US consumer inflation data for August that met expectations, giving the Fed room to lower borrowing costs after previous labor market data showed weakness.
Market participants now expect at least one 25 basis point interest rate cut at next week's Fed meeting, with the potential for two additional cuts by the end of the year. This has put downward pressure on the US dollar and the 10-year Treasury yield, further supporting precious metal prices. Lower borrowing costs, falling yields, and a weakening greenback have historically been a positive combination for gold and silver.
The price of gold at the time of writing was $3,649/oz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
Silver prices rose as risk sentiment improved in the market after signs emerged that the US government shutdown was nearing an end. These hopes pushed the US dollar slightly lower and increased intere...
Gold prices rose to $4,050 per ounce on Monday (November 10), driven by increased demand for safe-haven assets amid political uncertainty in the US. Investors are still awaiting a final agreement to e...
Silver prices rose on Friday (November 7th) due to a combination of two main factors: strong industrial demand, particularly from the technology and renewable energy sectors, and a worsening supply de...
Gold prices are currently rising due to increased demand as a hedge against geopolitical turmoil and uncertain monetary policy. For example, central bank gold purchases have grown significantly, and t...
Brent prices surged again on Friday (November 7th), fueled by escalating geopolitical tensions in the Middle East, which have raised concerns about global supply disruptions. However, demand remains w...
US stocks started the week strongly, with the S&P 500 rising 1.6%, the Nasdaq gaining 2.4%, and the Dow Jones Industrial Average rising about 415 points after the Senate approved a procedural move that brings a funding bill to reopen the...
Oil prices rose on Monday as analysts focused on potential fuel supply disruptions from new U.S. sanctions and Ukrainian drone attacks on Russian refineries, although predictions of a crude supply surplus kept prices steady. Brent crude rose 43...
Gold prices surged nearly 3% on Monday (November 10), hitting their highest level in more than two weeks, as weak U.S. economic data reinforced expectations that the Federal Reserve would cut interest rates, boosting demand for the non-yielding...
Global stock markets rallied at the start of the week amid growing optimism that the US government shutdown will soon end. S&P 500 futures rose...
China has begun designing a new rare earth licensing regime that could speed up shipments, but it is unlikely to amount to a complete rollback of...
The U.S. Senate is expected to hold a test vote on a spending bill on Sunday evening to end the longest ever U.S. government shutdown, with ABC News...
Slowing payroll growth in the U.S. is more likely the result of weaker demand for workers rather than reduced labor force from tightened immigration...