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Quotes and rates for precious metals Gold vs US Dollar (XAUUSD)

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  • 26.02.2024 14:28
    Gold Price Forecast: Confirmation of the timing and intensity of rate cuts should guide XAU/USD – ANZ

    Gold (XAU/USD) is trading above $2,000 despite waning rate-cut expectations. Economists at ANZ Bank analyze the yellow metal’s outlook.

    Central bank Gold purchases continue

    Higher-than-expected core inflation data in January dimmed prospects of an early and deep Federal Reserve rate cut. In early January, the market was pricing 150 bps of cuts starting from March, but that expectation has been delayed until June and reduced to 70-80 bps. Confirmation of the timing and intensity of rate cuts should guide Gold prices.

    Central banks bought 30t of Gold in December, lifting official buying at 1,037t in 2023.

    Gold’s spot premium in China and India suggests healthy physical demand.

  • 26.02.2024 09:24
    Gold Price Forecast: Haven buying remains supportive for XAU/USD – ANZ

    Last week, Gold (XAU/USD) recorded minor gains and ended above the $2,030 mark. Economists at ANZ Bank analyze the yellow metal’s outlook.

    Fed officials warned patience is needed before they start cutting rates

    Gold managed to eke out a small weekly gain despite policymakers remaining hawkish. 

    Federal Reserve officials warned patience is needed before they start cutting rates. This has seen investors dump holdings in the world’s largest Gold-backed exchange-traded fund (ETF). However, haven buying remains supportive due to geopolitical risks in Ukraine and the Middle East.

     

  • 25.02.2024 23:45
    Gold Price Forecast: XAU/USD loses ground below $2,040, US GDP data eyed
    • Gold price holds below the mid-$2,000s amid a stronger US Dollar. 
    • The Federal Reserve (Fed) officials warned patience is needed before beginning to cut rates.
    • The ongoing Middle East geopolitical tensions might boost safe-haven flows and benefit the gold price. 

    Gold price (XAU/USD) trades in negative territory during the early Asian trading hours on Monday. However, the uncertainties surrounding the Federal Reserve’s (Fed) interest rate might lift the yellow metal ahead of the Core Personal Consumption Expenditures Price Index (Core CPI) on Thursday. At press time, gold price is trading at $2,034, losing 0.13% on the day. 

    The stronger-than-expected US inflation data in recent weeks has triggered market expectations of delaying the interest rate cuts. Last week, the Fed governor Christopher Waller said that Fed officials are in no rush to implement interest rate cuts. Investors expect that the US may not cut rates until June. That would far surpass previous expectations of March cuts. Traders are now pricing in the first rate cuts starting in June and the Fed’s most recent guidance pointed to three cuts this year.  

    The Houthis continue to attack commercial ships in the Red Sea and strengthen their weapons stockpile in Yemen, even though the US has carried out strikes on the group in recent weeks. The rising geopolitical tensions in the Middle East could boost the gold price as it’s perceived as a traditional safe-haven asset. 

    Looking ahead, gold traders will monitor the US Gross Domestic Product Annualized for the fourth quarter (Q4), due on Wednesday, and the  Core Personal Consumption Expenditures Price Index (Core PCE) on Thursday. These data could give a clear direction to the gold price. 

     

  • 23.02.2024 12:51
    Gold Price Forecast: Further XAU/USD recovery likely to be delayed – Commerzbank

    Gold (XAU/USD) has put the previous week's setback behind it and established itself above $2,000. Economists at Commerzbank analyze the yellow metal’s outlook.

    XAU/USD year-end forecast lowered by $50 to $2,100

    The fact that the US Federal Reserve will probably not cut interest rates until later in the year was quickly shrugged off: after all, postponed is not cancelled. 

    Nevertheless, our new forecast, according to which the US economy will avoid a recession and the Fed will cut interest rates later and less sharply, is likely to have consequences for the Gold price.

    The rise in the Gold price that we expect will be delayed and less pronounced than previously thought. We are therefore lowering our XAU/USD forecast for the end of the year by $50 to $2,100.

  • 21.02.2024 14:05
    Gold Price Forecast: XAU/USD to rise towards $2,200 by year-end – ANZ

    Over the past six months, Gold prices have risen over 3%. Economists at ANZ Bank analyze the yellow metal’s outlook.

    Gold’s recent price consolidation is likely to extend till the end of Q1

    Gold’s recent price consolidation is likely to extend till the end of the first quarter. However, we expect the price to rise towards $2,200 by year-end. 

    Upcoming elections and prospective rate cuts will support Gold investment.

    See – Gold Price Forecast: Fed policy will remain key to the outlook for XAU/USD in the months ahead – ING

  • 20.02.2024 13:56
    Gold Price Forecast: Fed policy will remain key to the outlook for XAU/USD in the months ahead – ING

    Gold has been trading in a narrow range awaiting clues on the prospects for US interest rates. Economists at ING analyze the yellow metal’s outlook 

    Gold awaits clues on Fed outlook

    Gold has been trading above $2,000 so far this week, with the market awaiting clues on the outlook for US interest rates.

    The Federal Reserve is set to release minutes of its recent meeting midweek. We believe Fed policy will remain key to the outlook for Gold prices in the months ahead.

    Higher borrowing costs are typically negative for Gold.

  • 20.02.2024 10:24
    Gold Price Forecast: Upcoming elections and rate cuts, whenever they happen, will support XAU/USD – ANZ

    As the market pushed out US rate cut expectations, Gold (XAU/USD) fell 2% YTD, from a high of $2,135 in December 2023. Economists at ANZ Bank analyze the yellow metal’s outlook.

    Gold to keep shining

    Tactical investors have curtailed their net-long positions by 276t, while strategic global ETF outflows were around 82t YTD. Strong equity market sentiment may have also temporarily weighed on Gold’s relative appeal. However, we believe these developments reflect a consolidation instead of a downtrend. While a strong driver for Gold demand may be temporarily at large, this is unlikely to last.

    This year’s elections and rate cuts (whenever they happen) will eventually boost Gold’s appeal among investors, bolstering the tailwind from structurally higher central bank purchases. 

    We forecast Gold price at $2,200 by the end of 2024.

     

  • 20.02.2024 07:12
    Gold Price Forecast: XAU/USD gains momentum near $2,020, FOMC Minutes eyed
    • Gold price attracts some buyers around $2,020 in Tuesday’s early European session. 
    • Higher-than-expected US inflation figures fuelled speculation of a delay in the Fed’s move towards monetary policy easing. 
    • The rising Middle East geopolitical tensions and economic uncertainties lift the yellow metal. 
    • The FOMC Meeting Minutes will be the highlight of this week. 

    Gold price gains momentum for the fourth straight day during the early European session on Tuesday. The yellow metal trades in positive territory despite the rebound of the US Dollar (USD) and higher bond yields. Trading activity was low on Monday as markets closed in the US. However, investors will take more cues from the FOMC Minutes on Wednesday about the outlook for US interest rates. At press time, the gold price is trading at $2,020, adding 0.09% on the day. 

    Meanwhile, the US Dollar Index (DXY), which measures the value of the USD relative to a basket of global currencies, posts modest gains near 104.35. The US Treasury yields edge higher, with the 10-year yield standing at 4.30%. 

    Given the stronger-than-expected recent US data, investors lower their bets on the rate cut expectations, which provide some support for the US Dollar (USD). According to the CME FedWatch Tool, the markets have priced in the first 25 basis points (bps) rate cut by the Fed in the June 2024 meeting.

    On the other hand, the global central banks are likely to diversify foreign reserves and accumulate gold to hedge in their portfolios amid ongoing geopolitical tensions in the Middle East and economic uncertainties. This, in turn, could boost the demand for gold, a traditional safe-haven asset.

    The FOMC Meeting Minutes will be released on Wednesday, and it might provide further insights into why Fed officials are not confident enough to begin easing policy in Q1 2024. On Thursday, the preliminary US S&P Global PMI for February will be due. These events could give a clear direction to the gold price.

     

  • 20.02.2024 03:42
    Gold Price Forecast: XAU/USD retreats to near $2,018 after halting a winning streak
    • Gold price loses ground as US Dollar improves on Tuesday.
    • The improvement in US Treasury yields could impact the non-yield assets like Gold.
    • Investors await FOMC minutes to gain the Fed's perspective on the interest rate trajectory.

    Gold price moves slightly lower on Tuesday after halting its three-day winning streak, inching lower to near $2,018 per troy ounce during the Asian trading hours. Prices of the yellow metal encounter a challenge due to the strengthening US Dollar (USD), which can be attributed to higher US bond yields. This upward movement in bond yields has exerted downward pressure on non-yielding assets like Gold.

    Furthermore, market participants are eagerly awaiting the release of the Federal Open Market Committee (FOMC) meeting minutes scheduled for Wednesday. This release could provide insight into the Federal Reserve's perspective on the future trajectory of interest rates.

    However, ANZ forecasted that the Federal Reserve (Fed) will initiate the rate-cutting cycle starting from July 2024. According to the CME FedWatch Tool, there is a 53% possibility of a 25 basis points rate cut by the US Fed in the June meeting.

    The recent dovish remarks from the Fed officials suggesting rate cuts in 2024 undermined the US Dollar on Monday. San Francisco Federal Reserve President Mary C. Daly mentioned that three rate cuts are a reasonable baseline for 2024. Additionally, St. Louis Federal Reserve (Fed) president, James Bullard suggested Federal Reserve consider lowering interest rates at its March meeting.

    The US Dollar Index (DXY), which gauges the value of the US Dollar against six other major currencies, ends its four-day losing streak. The DXY trades higher around 104.40, with 2-year and 10-year yields on US bond coupons standing at 4.65% and 4.30%, respectively, at the current time.

     

  • 19.02.2024 09:18
    Gold Price Forecast: XAU/USD to enjoy further gains on a break above $2,065 – SocGen

    Gold is forming one more base near the upper part of range. Economists at Société Générale analyze XAU/USD’s technical outlook.

    First support at $1,973

    Gold attempted a breakout above its multiyear consolidation recently however it has re-integrated within the range after hitting $2,135 in December. Interestingly, it has managed to register highest monthly and yearly closes which is a signal for prevalence in the uptrend. Post this re-integration, Gold has stabilized above the 200-DMA and formed a small base. 

    Recent pivot low at $1,973 is crucial support. Defence of this would be essential for averting deeper down move.  

    If Gold establishes above the upper part of recent small base at $2,065, the up move is likely to extend. Next potential objectives could be located at $2,135 and projections of $2,230/$2,260.

  • 19.02.2024 07:52
    Gold Price Forecast: XAU/USD trades higher around $2,020 on investor caution
    • Gold price extends its winning streak for the third consecutive session on Monday.
    • San Francisco Federal Reserve (Fed) President Mary C. Daly stated that three Fed rate cuts are possible in 2024.
    • CME FedWatch Tool suggests a 52% probability of a 25 basis points rate cut in June.

    Gold price continues to move on an upward trajectory, trading higher around $2,020 per troy ounce during the early European session on Monday. The precious metal receives upward support from cautious investor sentiment amid speculation about the Federal Reserve's interest rate policy.

    The price of Gold surged as the US Dollar depreciated on San Francisco Federal Reserve (Fed) President Mary C. Daly’s remarks at the Annual National Association for Business Economics Economic Policy Conference. She stated that three rate cuts are a reasonable baseline for 2024. Daly emphasized that it's premature to consider allowing the economy to run without intervention. Additionally, former Fed official James Bullard's suggestion that the Fed should consider lowering interest rates at the March meeting to prevent hindering economic activity due to higher rates is contributing to market sentiment.

    However, market sentiment indicates of no rate adjustments in the upcoming Federal Reserve meetings in March and May. According to the CME FedWatch Tool, there is approximately a 52% probability of a 25 basis points (bps) rate cut in June. On Friday, the US Dollar (USD) failed to sustain its gains, which were initially fueled by better-than-expected Producer Price Index (PPI) data from the United States, consequently leading to an increase in Gold price.

    The US Producer Price Index (PPI) showed a year-over-year growth of 0.9%, against the expectations of 0.6% and the previous figure of 1.0%. Additionally, there was a monthly improvement of 0.3%, contrasting with the previous decline of 0.1%. However, the preliminary Michigan Consumer Sentiment Index rose to 79.6 from the previous 79.0, although it fell short of the anticipated reading of 80.0.

     

  • 19.02.2024 00:16
    Gold Price Forecast: XAU/USD holds above $2,000, PBoC rate decision, FOMC Minutes eyed
    • Gold price edges higher to $2,014 amid the USD weakness.
    • The US Producer Price Index (PPI) rose 0.3% MoM in January versus a 0.1% decline prior, the largest increase since August 2023.
    • The ongoing geopolitical tensions in the Middle East might boost safe-haven flows and the gold price. 
    • Traders will focus on the People's Bank of China's (PBOC) interest rate decision and the FOMC Minutes. 

    Gold price (XAU/USD) holds above $2,000 during the early Asian session on Monday. US economic data suggests inflation is stickier than expected and prompted financial markets to dial back expectations that the Federal Reserve (Fed) would start cutting interest rates in June. At press time, the gold price is trading at $2,014, gaining 0.12% on the day. 

    The Producer Price Index (PPI) for final demand rose 0.3% MoM in January from a 0.1% decline in December, the largest increase since August 2023. On an annual basis, the PPI figure climbed 0.9% YoY from a 1.0% rise in the previous reading. Meanwhile, US Housing Starts fell -14.8% from 1.562M to 1.331M, while Building Permits slumped -1.5%.

    The markets anticipate the Fed to cut the interest rate this year, though the odds of a move in June are diminishing. The delay in interest rate cuts might weigh on the yellow gold. It’s worth noting that the high interest rate diminishes the appeal of non-yielding metals as it increases competition from higher-yielding investments.

    The People's Bank of China (PBOC) will announce the interest rate decision on Tuesday, with no change in policy expected. Investors will also monitor the developments surrounding the additional stimulus measures from Chinese authorities in the coming months. 

    Additionally, Hezbollah claimed to be acting in solidarity with its Gaza allies, Hamas and will continue to attack as long as Israel bombards the embattled Palestinian enclave. The rising geopolitical tensions in the Middle East might lift gold prices, a traditional safe-haven asset. 

    Moving on, market participants await the PBoC Interest Rate Decision on Tuesday. The FOMC Minutes will be released on Wednesday and will be a closely watched event. Traders will take cues from the data and find trading opportunities around the gold price. 

     

  • 16.02.2024 20:38
    Gold Price Forecast: XAU/USD hits three-day high amid inflation concerns, Fed’s policy signals
    • Gold hits $2015, benefiting from a softer Dollar and higher US Treasury yields amid persistent inflation signs.
    • US PPI and Core PPI surpass forecasts, indicating ongoing inflation and complicating Fed's targets.
    • Hints of future rate cuts from Fed officials sway market outlook, enhancing gold's attractiveness as a hedge against policy ambiguity.

    Gold price extended its gains for two straight days, hitting a three-day high at $2015 as the Greenback tumbled, despite US Treasury yields rising. US economic data suggests inflation is stickier than expected, though Federal Reserve’s officials opened the door to ease policy.

    XAU/USD roses as US Data highlights inflation persistence, Fed officials suggest patience’s required

    The XAU/USD exchanges hands at $2012.14, up 0.39%. US data from the US Department of Labor revealed that prices paid by producers rose above estimates, indicating that the US Federal Reserve still has work to do to curb inflation. The Producer Price Index (PPI) in January came at 0.9%, above estimates but shy of December’s 1%. Core PPI jumped sharply by 2%, exceeding the consensus and the previous month's data.

    At the same time, US housing data witnessed Housing Starts plummeting -14.8%, from 1.562M to 1.331M, while Building Permits slumped -1.5%.

    Meanwhile, the first Consumer Sentiment poll by the University of Michigan (UoM) noted that Americans remain optimistic about economic conditions. The index improved from 79.0 to 79.6, while inflation expectations for one year edged up to 3%, while for a five-year period, it stood unchanged at 2.9%.

    The non-yielding meal edged higher, even though US Treasury bond yields, namely the 10-year benchmark note rate, rose six basis points to 4.29%, failing to underpin the Greenback.

    Meanwhile, Federal Reserve officials crossed the wires, with Atlanta’s Fed President Raphael Bostic and San Francisco Fed President Mary Daly, leading the pack. Bostic said patience is required and foresees two rate cuts, which could begin in the summer if the data justifies it. Daly commented there’s work to do, adding “We will need to resist the temptation to act quickly when patience is needed and be prepared to respond agilely as the economy evolves.”

    Both acknowledged that inflation has a downward trend but remain cautious about the timeline of beginning to ease policy.

    Given the fundamental backdrop, Gold price would remain adrift to the outlook of the US economy. If inflation picks up, that could spark a jump in US Treasury bond yields. Therefore, further XAU/USD downside is expected. Conversely, if inflation continues to converge to the Fed’s 2% goal, that could open the door to rate cuts, which would weigh on the Greenback’s appeal. This means the XAU/USD upside is estimated.  

    XAU/USD Price Analysis: Technical outlook

    Gold price is set to finish the week with losses, even though has recovered some ground. According to the daily moving averages (DMAs), XAU’s is upward biased, but since reaching $2088 on December 28, it has printed successive series of lower highs/lows, opening the door for further downside. If XAU/USD prints a daily close below $2000, that could sponsor a leg-down to the 100-DMA at $1996.10, followed by the December 13 low of $1973.13. A breach of the latter will expose the 200-DMA at $1965.46. On the upside, first resistance emerges at the 50-DMA at $2031.98.

     

  • 16.02.2024 15:59
    Gold Price Forecast: Expectations on the timing of the first Fed cut to drive volatility in XAU/USD – OCBC

    Markets have pushed back on expectations for the Fed cut. Economists at OCBC Bank analyze its implications for the Gold price.

    Headwinds from higher yields and stronger DXY may weigh against any building momentum

    Near-term headwinds from higher treasury yields and a stronger DXY profile may weigh against any building momentum in Gold prices.

    The expectations on the timing of the first Federal Reserve rate cut and the magnitude of the cut will continue to drive volatility in Gold prices in the interim.

     

  • 16.02.2024 14:01
    Gold Price Forecast: Potential for further XAU/USD corrections to be limited – Commerzbank

    The Gold price fell to a two-month low of $1,985 this week following the publication of higher-than-expected US inflation data. Economists at Commerzbank analyze the yellow metal’s outlook.

    Key interest rate cuts are still expected this year

    Following the unexpectedly high US inflation data, there was a significant setback in the price of Gold, which slipped below $2,000 per troy ounce. However, as the market is already very cautious with regard to key interest rates, the potential for further correcti ons is likely to be rather small.

    According to Fed Fund Futures, a first rate cut is now fully priced in only by June. At the end of the year, the Fed interest rate is expected to be around 4.50%. This is 50 basis points more than expected two weeks ago. After all, key interest rate cuts are still expected this year.

     

  • 16.02.2024 11:05
    Gold Price Forecast: XAU/USD edges higher to near $2,010 amid risk aversion
    • Gold price gains ground ahead of the release of the US PPI and Consumer Sentiment Index.
    • The overnight surge in Wall Street could limit the advance of Gold prices.
    • Gold garners attention from buyers following the weakening of the US Dollar in response to softer Retail Sales data reported on Thursday.

    Gold price extends its gains for the second session, trading higher around $2,010 per troy ounce during the European session on Friday. The precious metal attracts some buyers amid risk aversion sentiment before the release of key economic data from the United States (US), particularly Producer Price Index (PPI) data and the Michigan Consumer Sentiment Index.

    The overnight surge in Wall Street could be attributed to the market optimism as no rate adjustment is viewed by the Federal Reserve (Fed) in its upcoming meetings in March and May, which could have limited the advance of Gold prices. However, the CME FedWatch Tool shows a 52% likelihood of a 25 bps rate cut in June.

    The softer US Retail Sales data on Thursday weakened the Greenback, which in turn, underpinned the Gold prices. US Retail Sales (MoM) decreased 0.8% in January against the market expectation of 0.1% decline and the previous 0.4% increase. Meanwhile, Retail Sales Control Group declined by 0.4%, against the previous increase of 0.6%.

    However, the US Initial Jobless Claims report for the week ending on February 9 showed a print of 212K, against the anticipated consistency at 220K. These figures, combined with the positive Consumer Inflation released on Tuesday, might have helped mitigate potential losses for the US Dollar.

    Federal Reserve Bank of Atlanta President Raphael W. Bostic seeks progress in addressing inflation, albeit with potential bumps along the way. Bostic indicated that if inflation were to recede more rapidly, he would reassess his interest rates outlook.

     

  • 16.02.2024 10:15
    Gold Price Forecast: A continued XAU/USD recovery is unlikely in the short term – Commerzbank

    Gold pushed back above $2,000 after US Retail Sales came in softer-than-expected. Economists at Commerzbank analyze the yellow metal’s outlook.

    The ongoing ETF outflows are a further negative factor

    Expectations of near-term interest rate cuts by the Fed have dwindled significantly once again following the inflation data. As a result, US bond yields rose significantly and the US Dollar appreciated, both of which are negative for Gold. 

    The ongoing ETF outflows are a further negative factor. According to Bloomberg, these have already amounted to 76 tons since the beginning of the year. Most recently, there were outflows on 20 out of 21 trading days. 

    The Gold price rose again on Thursday to $2,000 following weaker US Retail Sales data. However, a continued price recovery is unlikely in the short term.

     

  • 15.02.2024 23:15
    Gold Price Forecast: XAU/USD brights and surpasses $2000 amid mixed US economic data
    • Gold climbs 0.61% to $2003.50, buoyed by falling US Treasury yields and uncertain economic indicators.
    • January's Retail Sales fall 0.8%, highlighting economic volatility amid poor weather affecting auto and gasoline sales.
    • Fed's cautious inflation outlook and lower CPI than forecast weaken the Dollar, boosting gold's appeal.

    Gold price recovered some ground on Thursday, as it reclaimed the $2000 mark due to falling US Treasury bond yields. A tranche of mixed US economic data weighed on the Greenback. Therefore, the XAU/USD posted gains of 0.61%, but as the Asian session begins, it trades at $2003.50.

    Mixed US economic data and lower US Treasury yields boost Gold’s appeal

    The latest data from the United States was mixed. Retail Sales for January saw a decrease of -0.8% month-over-month, falling short of both the previous month's figures and the estimated -0.1% contraction. This decline was largely attributed to reduced sales at auto dealerships and gasoline service stations, with stormy weather conditions further dampening sales.

    Concurrently, Initial Jobless Claims for the latest week came at 212K, lower than both the forecasts and the previous week's reading of 220K. This comes as a somewhat unexpected development, given that claims were anticipated to increase following announcements of layoffs by several companies.

    On Thursday, US Treasury bond yields lost two basis points and finished at 4.236%, while the US Dollar Index (DXY) dropped 0.41% to 104.28.

    In the meantime, Federal Reserve Vice-Chairman for Supervision Michael Barr crossed the wires on Wednesday. He said that the path to 2% inflation would be ‘bumpy’ following the latest US inflation report. On Tuesday, the Consumer Price Index (CPI) came in at 3.1% YoY, below the previous reading of 3.4%, but missed estimates of 2.9%.

    XAU/USD Price Analysis: Technical outlook

    Gold price is neutral to downward biased, even though the yellow metal trades above the 200-day moving average (DMA). From a price action standpoint, Gold has achieved successive series of lower highs and lows, opening the door for further downside. However, sellers must reclaim the 100-DMA at $1996.01, which could open the door to test the December 13 low of $1973.13, followed by the 200-DMA at $1965.41. Conversely, if buyers push prices above the 50-DMA at $2031.80, Gold could aim towards the February 1 high at $2065.60.

     

  • 15.02.2024 15:33
    Gold Price Forecast: Constructive XAU/USD outlook despite hotter-than-expected US inflation – MUFG

    Gold (XAU/USD) dipped below $2,000 for the first time since December 2023. Economists at MUFG Bank analyze the yellow metal’s outlook.

    Gold's resiliency intact despite hot US inflation dampening Fed rate cut expectations

    Gold prices have remained in consolidation form as hotter-than-expected US inflation has dampened hopes for a rate cut in the first half of 2024. Beyond the sticky inflation reading, elevated yields have found further support following the recent FOMC meeting – removing the tightening bias with Fed Chair Powell signalling that a March cut ‘is probably not the most likely case’.

    Whilst higher for longer rates is bearish for noninterest-bearing bullion, we hold conviction that the other two channels that are central to our bullish 2024 Gold view remain intact, namely, robust EM central bank purchases on reserve diversification and its role as the geopolitical hedge of last resort.

    With Gold prices now flirting below the $2,00 handle, we acknowledge downside risks to our constructive $2,350 year-end forecasts. However, we continue to recommend leaning long Gold and view any sell-off as a buying opportunity in an environment with elevated risk dimensions (geopolitics, recession repricing) which play into Gold’s favourable hedging qualities.

     

  • 15.02.2024 11:23
    Gold Price Forecast: XAU/USD likely to fall further short term as hopes of rate cuts in H1 fade – MUFG

    Precious metals declined on the back of hotter-than-expected US inflation report. Economists at MUFG Bank analyze the market’s outlook.

    Higher interest rates are typically negative for precious metals

    Silver and PGMs (Platinum and Palladium) have hammered lower in line with Gold’s fall, but still stand to bounce on barging hunting.

    Higher interest rates are typically negative for precious metals, as they are non-interest-bearing. The Gold price is likely to fall further short term as hopes of rate cuts in H1 2024 fade, but significant cuts could come later in the year so Gold weakness should only be temporary.

     

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