Gold is fluctuating because of the FOMC
Gold traded near $2,000 an ounce on Friday after crossing the threshold for the first time since May as Israel's ground offensive on Gaza appears to be more cautious than initially announced.
Gold bullion fell after rising 1.1% on Friday as Israel ramped up ground operations. Israel has been sending troops and tanks to the northern Gaza Strip in the so-called second phase and long war of the war with Hamas, which continues day by day. This allayed fears that a large-scale invasion would lead to regional escalation.
Stephen Innes, managing partner at SPI Asset Management, said: ``Oil and gold prices are down significantly in early trading on Monday, but there is a lot wrong with this, which suggests this problem could be long-term. I want you to remember that." "That's why the price of gold can't fall significantly."
The precious metal was one of the biggest gains since Hamas' attack on Israel on October 7, rising more than 9% on increased demand for safe-haven assets. Like the Swiss franc and short-term U.S. Treasuries, the Swiss franc should continue to benefit as tensions rise.
The dispute has changed the path of interest rates in the US, with US Treasury yields becoming the main driver of gold prices. However, this week will focus on how interest rate decisions by major central banks, including the Federal Reserve, affect borrowing costs.
Gold bullion fell after rising 1.1% on Friday as Israel ramped up ground operations. Israel has been sending troops and tanks to the northern Gaza Strip in the so-called second phase and long war of the war with Hamas, which continues day by day. This allayed fears that a large-scale invasion would lead to regional escalation.
Stephen Innes, managing partner at SPI Asset Management, said: ``Oil and gold prices are down significantly in early trading on Monday, but there is a lot wrong with this, which suggests this problem could be long-term. I want you to remember that." "That's why the price of gold can't fall significantly."
The precious metal was one of the biggest gains since Hamas' attack on Israel on October 7, rising more than 9% on increased demand for safe-haven assets. Like the Swiss franc and short-term U.S. Treasuries, the Swiss franc should continue to benefit as tensions rise.
The dispute has changed the path of interest rates in the US, with US Treasury yields becoming the main driver of gold prices. However, this week will focus on how interest rate decisions by major central banks, including the Federal Reserve, affect borrowing costs.
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The market is currently sideways and there are no strong changes that need to take place
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