Gold Prices Volatile Amid Cautious Sentiment
Date
10/2/2024 2:51:46 PM
(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas releases market commentary from Tito Iakopa - Commercial Director at FlowCommunity.
Gold was recording some profit-taking but continued to trade sideways for the last few days and remained near record highs. The asset rebounded yesterday as market participants reacted to the increasing geopolitical tensions in the Middle East.
In the medium and long term, gold's outlook could remain favorable. Inflows into gold ETFs, expectations of further interest rate cuts by major central banks, and persistent safe-haven demand due to ongoing geopolitical and economic risks continue to provide strong support.
However, a more resilient dollar could cap any significant price advances in the short term. Additionally, a more cautious stance from the Federal Reserve and may act as further headwinds for the precious metal.
Following yesterday's stronger-than-expected U.S. job openings report, the market focuses on jobs data and remarks from Federal Reserve officials. The Nonfarm Payrolls (NFP) report will be closely watched for further insights into the strength of the U.S. labor market and its potential impact on monetary policy and gold.
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