GOLD turned downhill after climbing to the top for 5 months
World gold prices this morning, October 31, turned down but remained at a high level ahead of the US Federal Reserve's (Fed) monetary policy meeting.
World gold price traded at 1,994 USD/ounce, down 9 USD/ounce compared to early yesterday morning.
World gold prices slipped the 2,000 USD/ounce mark but remained at a high level due to concerns about rising geopolitical tensions and interest rate expectations ahead of the US Federal Reserve's (Fed) monetary policy meeting.
Accordingly, gold is supported by the need for safe haven capital in the context of Israel expanding its military operations on the ground to attack the Hamas group. This could make conflict more widespread in the Middle East region.
Currently, the market seems to be certain that the Fed will keep interest rates unchanged. However, many opinions believe that the important information is still the message of Fed Chairman Jerome Powell at the press conference that took place afterward and it is highly likely that the head of the most powerful central bank in the world is still will maintain a hawkish tone in the context of persistent inflation.
The World Bank forecasts that the average gold price will increase 6% in 2024 to 1,900 USD/ounce, before the market cools down next year. Analysts explain: "Conflict in the Middle East could lead to global instability, with significant impacts on gold prices if the conflict escalates. Although the initial impact has so far only been limited. at a moderate level but its escalation will exacerbate that instability."
World gold price traded at 1,994 USD/ounce, down 9 USD/ounce compared to early yesterday morning.
World gold prices slipped the 2,000 USD/ounce mark but remained at a high level due to concerns about rising geopolitical tensions and interest rate expectations ahead of the US Federal Reserve's (Fed) monetary policy meeting.
Accordingly, gold is supported by the need for safe haven capital in the context of Israel expanding its military operations on the ground to attack the Hamas group. This could make conflict more widespread in the Middle East region.
Currently, the market seems to be certain that the Fed will keep interest rates unchanged. However, many opinions believe that the important information is still the message of Fed Chairman Jerome Powell at the press conference that took place afterward and it is highly likely that the head of the most powerful central bank in the world is still will maintain a hawkish tone in the context of persistent inflation.
The World Bank forecasts that the average gold price will increase 6% in 2024 to 1,900 USD/ounce, before the market cools down next year. Analysts explain: "Conflict in the Middle East could lead to global instability, with significant impacts on gold prices if the conflict escalates. Although the initial impact has so far only been limited. at a moderate level but its escalation will exacerbate that instability."
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