October 25, 2024
New Delhi, India
Gold Prices
Gold prices (XAU/USD) drifted lower during the Asian session on Friday, though losses remained limited within the weekly range. The US Dollar’s resilience—backed by lower expectations of aggressive Federal Reserve rate cuts—has contributed to the softer Gold trend. Stable equities also steered investor interest away from the safe-haven asset.
Key Market Influences:
- US Dollar and Treasury Yields: The USD held steady after touching a three-month high, supported by rising 10-year Treasury yields amid expectations of smaller rate cuts by the Fed.
- US Political Uncertainty: The upcoming November 5 election, showing a tight race between Vice President Kamala Harris and Donald Trump, has added to market caution.
- Middle East Tensions: The ongoing conflicts involving Hezbollah and Israel’s intensified Gaza siege continue to fuel geopolitical risks, offering some support to Gold.
Traders now await the US Durable Goods Orders and the revised Michigan Consumer Sentiment Index for further short-term direction on Friday.
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