Gold Retreats as Strong Dollar and FOMC Minutes Loom Large
October 9, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas releases market commentary from Fadi Al Kurdi founder CEO FFA Kings.
Gold prices were on a downward trend for the sixth consecutive day as investors anticipated the release of minutes from the Federal Reserve's latest policy meeting. These minutes are key to understanding the potential trajectory of US interest rates. Concurrently, the strength of the US dollar has negatively impacted gold prices.
Investors are eagerly anticipating the release of the FOMC minutes later today, which will be followed by crucial CPI and PPI figures later this week. Additionally, speeches from Federal Reserve officials are scheduled, providing further insights into the direction of future monetary policy. Stronger expectations of a softer monetary policy could be positive for gold.
Despite the recent price correction, gold remains supported by several factors. Its status as a safe haven is particularly relevant given the ongoing geopolitical tensions in the Middle East. Additionally, the latest data indicates that global physically backed gold ETFs recorded their fifth consecutive month of inflows in September. Continued demand from central banks, even though it has eased lately, also contributes to a positive medium and long-term outlook for gold.
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