Gold trading strategy today, continues to increase again
Updated
World gold prices decreased slightly with spot gold down 5.3 USD to 2,058.7 USD/ounce. Gold futures last traded at 2,067.6 USD/ounce, down 4.2 USD compared to yesterday morning.
The world gold market enters 2024 with a relatively difficult year under pressure from the strong recovery of the USD. However, the decline in this precious metal was limited thanks to expectations that the US Federal Reserve (Fed) would soon loosen monetary policy and concerns that the situation would escalate in the Red Sea.
The US Dollar Index rose 0.8% and was on track for its best daily gain since July, making bullion priced in the currency more expensive for overseas buyers.
In 2023, gold prices rose 13%, marking the first annual increase since 2020, and are forecast to reach a record high in 2024, as lower interest rates reduce the opportunity cost of Hold gold bars without interest.
Experts say that the market started the new year with the belief that the Fed will cut interest rates sooner, which is why gold is supported. According to the CME FedWatch tool, markets are currently pricing in an 86% chance that the Fed will cut interest rates in March.
The world gold market enters 2024 with a relatively difficult year under pressure from the strong recovery of the USD. However, the decline in this precious metal was limited thanks to expectations that the US Federal Reserve (Fed) would soon loosen monetary policy and concerns that the situation would escalate in the Red Sea.
The US Dollar Index rose 0.8% and was on track for its best daily gain since July, making bullion priced in the currency more expensive for overseas buyers.
In 2023, gold prices rose 13%, marking the first annual increase since 2020, and are forecast to reach a record high in 2024, as lower interest rates reduce the opportunity cost of Hold gold bars without interest.
Experts say that the market started the new year with the belief that the Fed will cut interest rates sooner, which is why gold is supported. According to the CME FedWatch tool, markets are currently pricing in an 86% chance that the Fed will cut interest rates in March.
Note
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