16 Hrs
Source:
الخليج
Gold near key 200-day level
Gold prices have fallen to their lowest level in over three weeks, influenced by escalating tensions in the Middle East, rising oil and dollar prices, and expectations of an interest rate hike by the Federal Reserve, as investors await upcoming U.S. employment data. In spot trading, gold declined by 0.6% to reach $4,304.01 per ounce, marking its fourth consecutive session of decline and remaining below the key 200-day moving average, which is considered an important technical level. Meanwhile, tensions between the United States and Iran, along with the recent surge in oil prices, have heightened inflation concerns. This, in turn, boosts expectations of interest rate hikes, although higher interest rates tend to reduce gold's appeal as an inflation hedge. Markets currently assign a 67% probability of the Federal Reserve raising rates at its meeting this month, as U.S. employment data approaches, which could influence the future trajectory of gold prices.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)