7 Hrs
Source:
كويت نيوز
Gold ends week at $4,378 amid oil decline
Last week, gold prices rose to close at $4,378 per ounce, marking their first weekly gain after four weeks. The increase was supported by falling oil prices and declining inflation fears, amid market anticipation of U.S. economic data. Prices experienced volatility following the Federal Reserve's decision to raise interest rates by 25 basis points, while ongoing geopolitical tensions in the Middle East heightened demand for gold as a safe haven. The market is also awaiting important U.S. economic reports later, including PMI indices, unemployment benefit claims, and housing price data. The possibility of a rate hike in October persists, along with Treasury bond yields dropping to near 5%, which impacts the cost of holding gold. Gold price movements remain closely linked to the dollar's trajectory and bond yields, with a strong resistance at $4,400. If broken, prices could head toward $4,450, while a breach below $4,378 might open the door to further correction towards lower levels.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)