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GOLD: At It’s All-Time High

GOLD
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Gold has hit a new all-time high of 2684.95 in today’s Asia-Pac session, after closing 0.4% higher at $2673.83 on Wednesday. 

  • Bullion, up nearly 30% year-to-date, is among the top-performing commodities in 2024. Optimism surrounding rate cuts has fueled recent gains, especially after the US Federal Reserve initiated its easing cycle last month. However, traders have tempered their expectations regarding the size and pace of rate cuts following mixed US economic data. Lower interest rates typically benefit gold, which doesn’t offer a yield.
  • Attention is now focused on today’s US retail sales and jobless data, as traders seek further insights into the US Fed’s easing trajectory.
  • Robust central bank purchases and rising geopolitical tensions have also bolstered gold prices.
  • According to MNI’s technicals team, the trend condition in gold remains bullish, with sights still on $2,690.2, a Fibonacci projection.
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Gold has hit a new all-time high of 2684.95 in today’s Asia-Pac session, after closing 0.4% higher at $2673.83 on Wednesday. 

  • Bullion, up nearly 30% year-to-date, is among the top-performing commodities in 2024. Optimism surrounding rate cuts has fueled recent gains, especially after the US Federal Reserve initiated its easing cycle last month. However, traders have tempered their expectations regarding the size and pace of rate cuts following mixed US economic data. Lower interest rates typically benefit gold, which doesn’t offer a yield.
  • Attention is now focused on today’s US retail sales and jobless data, as traders seek further insights into the US Fed’s easing trajectory.
  • Robust central bank purchases and rising geopolitical tensions have also bolstered gold prices.
  • According to MNI’s technicals team, the trend condition in gold remains bullish, with sights still on $2,690.2, a Fibonacci projection.