After a sharp decline, does Gold have a chance to recover?
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World gold ended October with the largest monthly increase since November 2022 thanks to safe-haven buying due to concerns surrounding the Israel-Hamas conflict. In the last trading session of the month, the gold market was quiet as investors showed caution ahead of the US Federal Reserve's (Fed) policy meeting taking place on Wednesday (US time).
Commenting on the upcoming monetary meeting, experts say that Fed Chairman Jerome Powell may continue the old scenario that all Fed interest rate decisions will depend on economic data. Kelvin Wong, senior market analyst for Asia Pacific at OANDA, said the Fed would leave open the possibility of raising interest rates again in December.
Looking back at gold's movements over the past month, spot gold hit its lowest level in 7 months at 1,809.50 USD/ounce on October 6, 1 day before the Israel-Hamas conflict broke out. However, safe-haven buying amid continuing tensions in the Middle East helped the precious metal rise 8% on the month.
However, some say gold could lose its safe-haven appeal as the world gradually adapts to developments in the Middle East. In fact, concerns about geopolitical instability cannot help gold maintain the $2,000/ounce level as the market once again returns to the Fed's monetary policy supporting USD strength. and bond yields.
Commenting on the upcoming monetary meeting, experts say that Fed Chairman Jerome Powell may continue the old scenario that all Fed interest rate decisions will depend on economic data. Kelvin Wong, senior market analyst for Asia Pacific at OANDA, said the Fed would leave open the possibility of raising interest rates again in December.
Looking back at gold's movements over the past month, spot gold hit its lowest level in 7 months at 1,809.50 USD/ounce on October 6, 1 day before the Israel-Hamas conflict broke out. However, safe-haven buying amid continuing tensions in the Middle East helped the precious metal rise 8% on the month.
However, some say gold could lose its safe-haven appeal as the world gradually adapts to developments in the Middle East. In fact, concerns about geopolitical instability cannot help gold maintain the $2,000/ounce level as the market once again returns to the Fed's monetary policy supporting USD strength. and bond yields.
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