Even if the gold market is now taking a little breath, there is still a lot of fuel remaining in the tank if recent consolidation is any guide. While gold prices have reached all-time highs due to unprecedented speculative bullish bets, holdings in ETFs backed by gold are hovering around multi-year lows and this will keep supporting gold’s long-term upward trend.
Gold consolidates between $2150 and $2200
It appears that gold is moving in anticipation of the possibility of lower rates at some point. While the Federal Reserve is concerned about rising inflation, the most recent economic data is not having a significant effect on forecasts for interest rates.
Gold price continues to consolidate at a record high
The Federal Reserve may postpone interest rate cuts, according to speculation fuelled by a strong US inflation report, which maintains the returns on US Treasury bonds high.
Gold price retraces after US Inflation data
Gold price sees profit-booking and retracement after the release of Inflation figures which came in lower than expected, up at 3.2% YoY against the expectation of 3.1%.
Gold takes a breath after a record rally towards $2200
Gold price meets some supply, snapping a nine-day winning streak and reaching a record high. The drop could be linked to profit-taking ahead of the key US CPI report. Bets on a June Fed rate drop will keep USD bulls on the defensive and should provide support.
Why is gold rising “Hand over Fist”?
The gold price has reached a new high above $2200 (~Rs 66000) due to rising estimates of Federal Reserve rate cuts in June and uncertain global growth prospects. The rally has been very sharp and like “Hand over Fist” which means “quickly or rapidly”.
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Parabolic rally in Gold continues
The gold price was trading close to all-time highs at $2160, driven by expectations that the Fed will lower interest rates in June. According to the CME Fedwatch tool, traders.
Another new record high for Gold
Fund buying, speculation of a US Federal Reserve pivot, and geopolitical and financial risks have led to a rise in gold prices, surpassing the previous record high of $2150.
Gold skyrockets to record high
As prospects of forthcoming Fed policy easing grow, gold prices set a new high by trading above $2140 (~Rs. 65000). Following PMI and Factory Orders data highlighting an economic slowdown in the services sector, there is growing speculation that the US Federal Reserve could begin to rate cuts early.
Gold trades at all-time high price domestically
Gold prices have advanced nearly $70 in the last two trading days, breaking the range of $2000 to $2060, it traded in Jan and Feb. This week we are seeing follow-through buying and investors jumping in gold market with FOMO fear. Due to Rupee depreciation, gold prices have touched record high prices in India.
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