2024-11-15 10:17
IndustryGold Near 2M Low as JPow Flags RateCut Restraint
Current gold market:
Near two-month low
Set for >4% weekly loss, biggest since June 2021
Down ~8% from Oct. 31 record high
Factors pressuring gold:
Persistent dollar strength (Bloomberg Dollar Spot Index at 2-year high)
Reduced expectations for December Fed rate cut
Rising US Treasury yields
Trump's election victory accelerating losses
Powell's impact:
Described US economy as "remarkably good"
Signaled no rush to cut interest rates
Comments led traders to pare back rate cut expectations
Gold's 2024 performance:
Up >20% year-to-date despite recent decline
Gains supported by:
Fed's earlier monetary easing
Central bank purchases
Geopolitical and economic risks driving haven demand
#GoldMarket #DollarStrength #FedPolicy
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Gold Near 2M Low as JPow Flags RateCut Restraint
Hong Kong | 2024-11-15 10:17Current gold market:
Near two-month low
Set for >4% weekly loss, biggest since June 2021
Down ~8% from Oct. 31 record high
Factors pressuring gold:
Persistent dollar strength (Bloomberg Dollar Spot Index at 2-year high)
Reduced expectations for December Fed rate cut
Rising US Treasury yields
Trump's election victory accelerating losses
Powell's impact:
Described US economy as "remarkably good"
Signaled no rush to cut interest rates
Comments led traders to pare back rate cut expectations
Gold's 2024 performance:
Up >20% year-to-date despite recent decline
Gains supported by:
Fed's earlier monetary easing
Central bank purchases
Geopolitical and economic risks driving haven demand
#GoldMarket #DollarStrength #FedPolicy
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