Gold Rises as Weak Economic Data Spurs Hopes of Slower Rate
On Thursday, the price of gold advanced to approximately $1,920 per ounce, marking a continued recovery from its five-month lows. This upturn was prompted by business activity data in major economies, which turned out to be weaker than expected. This raised hopes among investors that central bankers might reconsider their plans for interest rate hikes in order to prevent an economic downturn.
Recent data revealed that business activity in the United States came close to stagnation in August, while in the Eurozone and the United Kingdom, it remained in a contractionary phase. Investors are now eagerly anticipating the annual symposium of central bankers in Jackson Hole, Wyoming, where policymakers may provide insights into the future monetary landscape.
Consequently, financial markets have started to dial back their expectations for further tightening of monetary policy by both the Federal Reserve and the European Central Bank.
In other financial news, China's central bank, in its August fixing, reduced its one-year loan prime rate by ten basis points, setting it at a historic low of 3.45%. However, the five-year loan prime rate was left unchanged at 4.2%.
GOLD
BUY LIMIT 1915-1917🕯
✅ TP1: 1920
✅ TP2: 1930
⚠️ SL: 1910
Recent data revealed that business activity in the United States came close to stagnation in August, while in the Eurozone and the United Kingdom, it remained in a contractionary phase. Investors are now eagerly anticipating the annual symposium of central bankers in Jackson Hole, Wyoming, where policymakers may provide insights into the future monetary landscape.
Consequently, financial markets have started to dial back their expectations for further tightening of monetary policy by both the Federal Reserve and the European Central Bank.
In other financial news, China's central bank, in its August fixing, reduced its one-year loan prime rate by ten basis points, setting it at a historic low of 3.45%. However, the five-year loan prime rate was left unchanged at 4.2%.
GOLD
BUY LIMIT 1915-1917🕯 ✅ TP1: 1920
✅ TP2: 1930
⚠️ SL: 1910
