August 29, 2024
New Delhi, India
Gold prices
Gold prices (XAU/USD) rebounded above $2,500 per troy ounce in Thursday’s early European session, recovering from weekly lows. The metal’s rise is supported by increasing expectations of Federal Reserve rate cuts, which reduce the opportunity cost of holding non-yielding gold, and ongoing geopolitical tensions in the Middle East. Political uncertainty in the US and broader global economic concerns also bolster gold’s appeal.
However, a stronger US Dollar (USD) could limit gold’s gains, as it makes the metal more expensive for international buyers. Investors are focused on the upcoming US GDP second estimate for Q2, set to be released on Thursday, to gauge the Fed’s future rate path. Friday’s release of the US Personal Consumption Expenditures (PCE) Price Index for July will also be a key event.
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