Gold surpassed $2000 again on Monday, fueled by a weakened dollar and bets that the Fed won't raise rates further this month.
Gold rose on Monday above a key $2000 level. Bullion breached crossed the mark last Friday for the second time this month due to a weak dollar on bets that the Fed is done with rate hikes.
Traders widely expect the Fed to leave rates unchanged in December, while pricing in about a 64% chance of a cut as early as May, according to CME's FedWatch Tool.
Pimco warned that “the inflation problem is far from being solved” earlier this month. JPMorgan Chase echoed that caution, saying people were over-reacting to short-term numbers.
But the Fed showed little interests in rate cuts anytime soon as inflation remains well above their goal, according to its latest meeting minutes.
Black Friday e-commerce spending popped 7.5% from a year earlier, reaching a record $9.8 billion in the US, according to an Adobe Analytics report. That might disappoint investors who hope for a sharp downturn in price growth.
silver jumped 2.7% to a 12-week high in the previous session. The white metal has significantly underperformed gold year-to-end and historically the former breaks out after a major rally in the latter.
Gold retreated after hitting a fresh yearly high around $2018. It has more room for upside as long as it holds above the key psychological support.
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US job growth in July slowed more than expected, raising fears of a broader economic slowdown and causing risky assets to tumble throughout the month.
2024-09-06Oil prices rose slightly on Friday, as investors balanced a large US crude inventory draw and OPEC+ production delays with mixed US employment data.
2024-09-06Bullion steadied Thursday below $2500 after a market sell-off. It is expected to remain near this level until the NFP report is released.
2024-09-05