Gold continues to receive support
Updated
Hello dear friends!
After the holiday break, the gold market has resumed its activity, and this precious metal has increased by 11 USD since the last closing.
It is forecasted that gold will continue to rise to a level of 2,070 USD/ounce and could potentially go even higher, thanks to the strong expectations of interest rate cuts by the US Federal Reserve.
According to the report on the Core Personal Consumption Expenditures (PCE) Index, the preferred inflation measure of the Federal Reserve (Fed), there was a 0.1% increase in November, which was lower than the projected 0.2%. The data shows that annual inflation in the US has slowed down, and the pressure on underlying prices continues to decline.
These pieces of information are believed to be the driving force behind investors reducing some of the pressure, resulting in a rush to buy gold and creating more opportunities for its further increase, at least for now.
What about you? What do you think about the trend of gold?
After the holiday break, the gold market has resumed its activity, and this precious metal has increased by 11 USD since the last closing.
It is forecasted that gold will continue to rise to a level of 2,070 USD/ounce and could potentially go even higher, thanks to the strong expectations of interest rate cuts by the US Federal Reserve.
According to the report on the Core Personal Consumption Expenditures (PCE) Index, the preferred inflation measure of the Federal Reserve (Fed), there was a 0.1% increase in November, which was lower than the projected 0.2%. The data shows that annual inflation in the US has slowed down, and the pressure on underlying prices continues to decline.
These pieces of information are believed to be the driving force behind investors reducing some of the pressure, resulting in a rush to buy gold and creating more opportunities for its further increase, at least for now.
What about you? What do you think about the trend of gold?
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