Republic Explains: Here’s why gold prices are on a dip | Republic Business
gold is losing its Shing well yes and
here’s why gold prices took a bit of a
dive on Tuesday heating its lowest
levels in over 2 weeks seems like
worries about the Middle East crisis
calming down and some investors deciding
to cash in on their gains were the main
reasons behind the drop spot gold was
down and so was the US Gold Futures the
previous session was a rough ride for
gold plunging over 2% in what was its
biggest one day tumble in over a year it
seems like once Iran said it wasn’t
planning to retaliate after an Israeli
drone attack folks felt a bit less
worried about a bigger conflict gold
prices have taken a hit recently with
analysts pointing to reduced
expectations of imminent rate cuts by
the US Federal Reserve as a primary
factor according to reports the
possibility of a red cut might not
materialize until September this has
also led to a decrease in demand for
gold as investors view it less favorably
as a hedge against inflation moreover
the strengthening of the US dollar and
their rise in bond yals have contributed
to the downward pressures on gold prices
exacerbating the trend also looking
forward all eyes are on the economic
data coming out of the US later this
week especially GDP figures on Thursday
and the personal consumption
expenditures print on Friday if those
numbers come in better than expected it
might delay any hopes of red cuts by the
Federal Reserve which could mean more
trouble for gold prices in the short
term gold has experienced a remarkable
surge in value recently jumping over 50%
since February 2020 just before the
covid-19 pandemic swept across the globe
in the last two months the price has
surged nearly 20% in the last 2 months
alone unlike many other Commodities
goals value is predominantly driven by
investor perception rather than specific
utility unlike stocks and bonds it
doesn’t provide dividends or coupon
payments yet despite lacking these
features gold remains highly coveted
central banks have been the primary
drivers of the market institutional and
government buyers particularly in China
have displayed a significant appetite
for gold further propelling its prices
going forward this week’s US inflation
and GDP data will provide more clarity
on the US Federate cut which again in
turn will give more clarity as to how
gold prices will behave going forward
Republic Explains: Here’s why gold prices are on a dip | Republic Business
Gold prices saw a sharp decline on Tuesday, hitting their lowest levels in over two weeks. Reports suggest that easing tensions in the Middle East and investors capitalising on profits contributed to the drop. Spot gold fell nearly 1%, reaching $2,304.99 per ounce, while US gold futures dropped 1.2% to $2,318.80. The previous session witnessed a significant tumble, with gold plunging over 2%, marking its largest one-day decline in more than a year. Analysts attribute the recent downturn to reduced expectations of immediate rate cuts by the US Federal Reserve, dampening gold’s appeal as an inflation hedge.
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