World gold is stable waiting for US economic data
Gold prices steadied on Tuesday (April 23) after hitting their lowest level in more than two weeks, as concerns eased about escalating tensions in the Middle East, while investors awaited important economic data. important to better understand the US interest rate lowering roadmap.
At the end of the trading session on April 23, the spot gold contract was almost flat at 2,327.50 USD/oz, after hitting the lowest level since April 5, 2024. Gold’s March-April climb pushed the precious metal price up nearly 400 USD to an all-time high of 2,431.29 USD/oz on April 12, 2024.
Gold futures contracts lost 0.2% to 2,342.10 USD/oz.
Israeli attacks intensified across Gaza in some of the heaviest shelling in weeks, but with fears of a wider conflict easing after Iran said last week it was not plans to retaliate after an Israeli attack, financial markets show signs of finding riskier assets attractive.
Julia Khandoshko, CEO at “That means gold, which is often seen as a risk-off asset, has lost its position,” said Mind Money.
The market is also closely watching signals from the US, where inflation data and statements from the US Federal Reserve (Fed) show that interest rates may not be lowered in June, Ms. Khandoshko shared.
Recent comments from Fed officials suggest there is no rush to lower interest rates, reducing the appeal of non-yielding metals. Investors currently predict that the Fed will lower interest rates for the first time in September 2024.
The market will monitor US GDP data released on April 25 and PCE personal consumption expenditure data on April 26 for further hints on the health of the economy and the timing of a slowdown. interest rate.
Ms. Khandoshko added that gold is also seeing a technical correction.
An Tran (according to CNBC)
FILI
