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GOLD: Gold Set for Poor Week as Rate Cuts Melt Away. 

GOLD
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  • Gold tried to rally following its decline post Fed, but the rally ran out of steam into the US close and it has done very little in Asian trading today.
  • Opening at US$2,585.35 Gold initially surged higher reaching $2,626.49 just prior to the release of a raft of US economic data but fell away into the close to finish at $2,594 and has done very little stable at $2,596.81.
  • The move lower in recent days sees gold on track to decline -1.95% for the week.
  • US overnight data was stronger than expected, bringing into question the rate cuts expectations built into the US market for 2025.
  • Gold has posted strong returns this year on the back of expectations for rate cuts, safe haven demand and news that key Central Banks have started to purchase the precious commodity again. 
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  • Gold tried to rally following its decline post Fed, but the rally ran out of steam into the US close and it has done very little in Asian trading today.
  • Opening at US$2,585.35 Gold initially surged higher reaching $2,626.49 just prior to the release of a raft of US economic data but fell away into the close to finish at $2,594 and has done very little stable at $2,596.81.
  • The move lower in recent days sees gold on track to decline -1.95% for the week.
  • US overnight data was stronger than expected, bringing into question the rate cuts expectations built into the US market for 2025.
  • Gold has posted strong returns this year on the back of expectations for rate cuts, safe haven demand and news that key Central Banks have started to purchase the precious commodity again.