News
Gold Price Soars Past $2,200 as Fed Signals Rate Cuts
Gold's price climbed past $2,200 an ounce, marking a historic first propelled by investor optimism regarding the Federal Reserve's stance on interest rate cuts. This optimism has significantly bolstered the attractiveness of gold, which does not yield interest. The metal's price spiked to an all-time high of $2,220.89, reflecting a surge of over 10% since mid-February. This rally is largely attributed to anticipations of a more lenient U.S. monetary policy, enticing investors to place their bets on gold. Despite the rapid pace of this rally, the Federal Reserve's recent announcement, maintaining its plan for three rate cuts within the year and its tolerance towards the current inflation and labor market conditions, has reinforced bullish sentiments among gold traders, according to Chris Weston of Pepperstone Group Ltd.
Gold's Price Could Soar to $2,600, Predicts Top Market Analyst
Carley Garner, an esteemed analyst from TheStreet Pro with over two decades of experience in tracking markets through futures, including gold, has made a bold prediction about the precious metal's trajectory. Last summer, she accurately forecasted gold's impressive rally, suggesting it would surpass the $2,100 resistance level to reach new heights. Garner now updates her target, indicating that a similar upward movement could propel gold prices to as much as $2,600 per ounce. This prediction comes at a time when gold has seen a sharp increase in value, defying the expectations of many who believed it would falter amidst falling inflation and a renewed interest in stocks.
Crude Oil's Upward Momentum Stalls Amid Signs of Overbought Market
West Texas Intermediate crude oil saw a roughly 2% decrease to settle near $81, marking a slowdown in the recent price surge to the highest since late October. The decline aligns with technical signals indicating overbought conditions and the peak of algorithmic long position buying, suggesting potential for a shift in price momentum to the downside, according to Daniel Ghali, a commodity strategist at TD Securities.
Gold Hits Fifth Record High in March as Fed Discusses Rate Cuts
Gold prices surged to unparalleled heights for the fifth time in March, setting a new record after the U.S. Federal Reserve indicated plans for three interest rate cuts in 2024. This decision comes despite ongoing concerns about high inflation. The price of spot gold increased by 0.8% to $2,202.39 per ounce, after briefly reaching a peak of $2,222.39, while U.S. gold futures saw a 2% rise to $2,204.50. Analysts, including Julius Baer's Carsten Menke, attribute this remarkable rally to the Fed's recent remarks, which confirmed a forthcoming shift towards reducing U.S. interest rates, sparking a frenzy among investors.
100,000,000+ Ounces of Digital Silver Traded in 1-Hour
~$2.5 Billion in Liquidity in #Silver Futures trading as the price moves into what appears a significant breakout mode: