Gold at the end of the year has an unpredictable price trajector
The world gold price closed the trading session at a high of 2,053.2 USD/ounce, the gold futures price for delivery in February 2024 on the Comex New York floor traded at 2,064 USD/ounce. Gold has just experienced a strong increase and ended at the highest price in about 2 weeks thanks to the weakening of the US Dollar index and falling US Treasury bond interest rates.
At the same time, the main reason for gold's rapid increase is that falling inflationary pressure increases expectations that the US Federal Reserve (FED) will soon cut interest rates. Markets see a more than 80% chance of a rate cut as early as March for a total cut in 2024 of 150 basis points.
In addition, in the third quarter economic growth reports of major countries in the world such as the UK, Japan, and China, there is a general decline, which will motivate the yellow metal to continue its momentum. increase sharply in the near future.
According to forecasters, gold prices may increase in the short term. Colin Cieszynski, strategist at SIA Wealth Management, said that gold prices are expected to continue to increase in the near future, investors should see current price movements as a positive signal.
At the same time, the main reason for gold's rapid increase is that falling inflationary pressure increases expectations that the US Federal Reserve (FED) will soon cut interest rates. Markets see a more than 80% chance of a rate cut as early as March for a total cut in 2024 of 150 basis points.
In addition, in the third quarter economic growth reports of major countries in the world such as the UK, Japan, and China, there is a general decline, which will motivate the yellow metal to continue its momentum. increase sharply in the near future.
According to forecasters, gold prices may increase in the short term. Colin Cieszynski, strategist at SIA Wealth Management, said that gold prices are expected to continue to increase in the near future, investors should see current price movements as a positive signal.
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