Gold will have a decline and then increase again
World gold prices increased slightly with spot gold increasing by 6.6 USD to 2,055.3 USD/ounce. Gold futures last traded at 2,059 USD/ounce, up 7.4 USD compared to yesterday morning.
The world's yellow metal posted modest gains in the first trading session of the week as it continued to be boosted by safe-haven demand due to concerns about tensions in the Middle East and renewed expectations for the Federal Reserve to The US (Fed) will cut interest rates sooner than expected.
The report released late last week showed that US producer prices fell unexpectedly in December. The data has traders betting that the Fed will cut 166 basis points this year instead previously priced 150 basis points.
Although gold prices are rising, some analysts say the precious metal needs a new catalyst or at least clearer clues about the Fed's monetary policy direction to break out of its current range. in.
According to Trade Nation senior market analyst David Morrison, although gold continues to hold its position, more effort is needed to attract new investors to the market.
The world's yellow metal posted modest gains in the first trading session of the week as it continued to be boosted by safe-haven demand due to concerns about tensions in the Middle East and renewed expectations for the Federal Reserve to The US (Fed) will cut interest rates sooner than expected.
The report released late last week showed that US producer prices fell unexpectedly in December. The data has traders betting that the Fed will cut 166 basis points this year instead previously priced 150 basis points.
Although gold prices are rising, some analysts say the precious metal needs a new catalyst or at least clearer clues about the Fed's monetary policy direction to break out of its current range. in.
According to Trade Nation senior market analyst David Morrison, although gold continues to hold its position, more effort is needed to attract new investors to the market.
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