Gold Prices Remain Steady Amidst Geopolitical Tensions and Fed Rate Considerations
September 30, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas releases market commentary from Tito Iakopa - Commercial Director at FlowCommunity.
Gold prices eased on Monday but remained near last week's record highs. Gold's rally has been driven by safe-haven demand, fuelled by rising geopolitical tensions in the Middle East, the Federal Reserve's recent interest rate cut, and concerns about the economy. Gold prices could continue to benefit from market expectations of another 50-basis-point rate cut this year.
This week's focus is on the non-farm payrolls report, which may provide additional insight into the U.S. labour market. Fed Chair Powell and Governor Michelle Bowman are also scheduled to speak later today, which could trigger volatility in gold prices. If Powell hints at further monetary easing, the dollar could weaken, thereby providing further support for gold.
Meanwhile, geopolitical tensions in the Middle East continue to drive demand for safe-haven assets like gold, as investors seek protection from risks, providing additional support to the precious metal prices.
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