Gold price trending on a thin sentiment globally!
Rapidly changing scenario for gold price ahead of festive! Recently Swann Collins, investor, writer and consultant said Eurasian media on September 26, 2024 that, “Gold prices run above $2,690 marks its continuous push to record highs so far this year. This is a +5.48% growth over the past month, and a +40% growth over the past year. Last month gold price crossed $2,500 per Troy ounce. Interest rate cuts by the US Federal Reserve last week reduced the opportunity cost of holding non-yielding gold. Expectations for further U.S. interest rate cuts have driven up demand for non-yielding assets like gold. Traders are pricing in a 62% probability of a 50 bps rate cut by the Fed in November, as indicated by the CME FedWatch tool. Fed Chair Jerome Powell’s upcoming remarks are expected to shed light on the extent of future rate adjustments, which will further guide gold’s direction. Heightened global uncertainty, such as the ongoing Israel-Gaza conflict, has a...