Financial Mirror on Nostr: Gold rally could extend beyond recent highs - Financial Mirror ========== Gold has ...
Gold rally could extend beyond recent highs - Financial Mirror
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Gold has gained close to 19% since a recent low in October and almost 7% over the past month alone. UBS analysts believe there is potential for a pullback in the near term, but the rally could continue over the coming year. The rally has extended above $2,180 after reaching all-time highs of nearly $2,200. The prospect of the Fed cutting interest rates this year and ongoing geopolitical tensions support the yellow metal. NFP data released by the US Labor Department showed that the US economy added 275,000 jobs in February, triggering the possibility of a Fed rate cut by June. China's inflation report suggests rising domestic demand, which has lifted the price of gold. Gold traders will focus on the US CPI and Retail Sales figures for February for fresh impetus. The Financial Mirror is the leading English-language business news site in Cyprus.
#Gold #Rally #Fed #InterestRates #UsEconomy #GeopoliticalTensions #Nfp #China #Inflation #Cpi #RetailSales
https://www.financialmirror.com/2024/03/11/gold-rally-could-extend-beyond-recent-highs/
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Gold has gained close to 19% since a recent low in October and almost 7% over the past month alone. UBS analysts believe there is potential for a pullback in the near term, but the rally could continue over the coming year. The rally has extended above $2,180 after reaching all-time highs of nearly $2,200. The prospect of the Fed cutting interest rates this year and ongoing geopolitical tensions support the yellow metal. NFP data released by the US Labor Department showed that the US economy added 275,000 jobs in February, triggering the possibility of a Fed rate cut by June. China's inflation report suggests rising domestic demand, which has lifted the price of gold. Gold traders will focus on the US CPI and Retail Sales figures for February for fresh impetus. The Financial Mirror is the leading English-language business news site in Cyprus.
#Gold #Rally #Fed #InterestRates #UsEconomy #GeopoliticalTensions #Nfp #China #Inflation #Cpi #RetailSales
https://www.financialmirror.com/2024/03/11/gold-rally-could-extend-beyond-recent-highs/