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Gold’s Shine Coming Off Ahead of US Data This Week

GOLD
  • The US data filled week will likely give a clearer indication as to the path for monetary policy and hence gold’s fortune for the rest of 2024.
  • Gold was down at $2,495 in the morning trading session in Asia from Monday’s close of $2,499.51.
  • If the downward trend continues it would see gold finishing down three days in a row, having hit peaks in August.
  • However Gold remains over 20% up year to date.
  • This week’s data will culminate in the Non-Farm Payrolls on Friday when markets will be able to assess the likely path and pace for interest rates.
  • Given gold is not interest bearing, typically lower rates are a bullish signal for bullion’s performance.
  • Historical analysis shows that September can often be a challenging month for Gold as investors and traders alike return from summer break, reassessing their portfolios.
  • This year the market is braced for not only the resumption post holidays, but for a Federal Reserve decision that could shape financial markets globally for the rest of the year.
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