Gold is resisting fiercely because of the war and the Fed
Global gold prices rose slightly this morning, with spot gold prices up $4.3 to $1,983.9 per ounce. Gold futures traded at 1,997.4 dollars per ounce, up 2.5 dollars from the previous morning.
Global gold prices rose slightly this morning compared to yesterday morning, but remained well below the day's highs as a newly released report showed the strength of the US economy.
Specifically, the report showed that U.S. GDP rose 4.9% year over year in the third quarter, beating economists' expectations of 4.7% and belied by the 2.1% increase in the first quarter. ing. 2. This data supports the possibility that the Federal Reserve will raise interest rates further in future policy meetings. Edward Moya, senior market analyst at OANDA, said the numbers "paint a picture of a very strong U.S. economy," and the Fed could need to raise rates further, which could hurt gold. He said that he is increasing his view that there is a possibility that the
Although economic indicators were better than expected, Moya was surprised by the yellow metal's strength. "I'm surprised we haven't seen a bigger decline in gold prices. I think people understand that geopolitical risks aren't going away anytime soon," he said. Gold has risen 9% over the past two weeks as investors sought refuge from the potential fallout from the conflict between Israel and Hamas. However, the continued outlook for rising interest rates has capped the upside for non-interest bearing precious metals.
Global gold prices rose slightly this morning compared to yesterday morning, but remained well below the day's highs as a newly released report showed the strength of the US economy.
Specifically, the report showed that U.S. GDP rose 4.9% year over year in the third quarter, beating economists' expectations of 4.7% and belied by the 2.1% increase in the first quarter. ing. 2. This data supports the possibility that the Federal Reserve will raise interest rates further in future policy meetings. Edward Moya, senior market analyst at OANDA, said the numbers "paint a picture of a very strong U.S. economy," and the Fed could need to raise rates further, which could hurt gold. He said that he is increasing his view that there is a possibility that the
Although economic indicators were better than expected, Moya was surprised by the yellow metal's strength. "I'm surprised we haven't seen a bigger decline in gold prices. I think people understand that geopolitical risks aren't going away anytime soon," he said. Gold has risen 9% over the past two weeks as investors sought refuge from the potential fallout from the conflict between Israel and Hamas. However, the continued outlook for rising interest rates has capped the upside for non-interest bearing precious metals.
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