October 14, 2024 04:01 GMT
GOLD: Steady on a Slower Fed and Disappointment from China.
GOLD
- Gold prices were steady in Asian trading time today given traders pricing in a slower Fed rate cutting cycle and China’s Ministry of Finance release failing to provide new stimulus measures.
- Having slipped to $2,645 in the morning session, gold firmed back to Friday’s close at $2,655.
- Typically benefiting from rate cuts, Gold has performed well this year up over 20%.
- Following the stronger than expected September jobs report, the number of rate cuts for the remainder of the year has been questioned, with markets now pricing in less than two.
- Any further stronger than expected data could further challenge this and put a cap on gold’s upside into year end.
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