Gold surpasses $2100, scales record high

Economies.com
2023-12-04 09:44AM UTC

Gold prices rose in European trade on Monday, extending gains for a second session and passing $2100 an ounce, hitting a record high on strong prospects of early interest rate cuts by the Federal Reserve following recent remarks by Fed official Jerome Powell.

 

In addition to strong demand on the precious metal as a safe haven due to mounting geopolitical concerns as the Israeli-Hamas war resumes ferociously once more. 

 

Gold Prices Today

 

Gold prices rose 3.6% to $2,146 an ounce, a record high, with a session-low at $2,057, after rising 1.8% on Friday, the fifth profit in a row as the dollar and US treasury yields lost ground following weak data.

 

Gold prices jumped 3.45% last week, the third weekly profit in a row and the largest since October on strong haven demand. 

 

Powell

 

Fed Chair Jerome Powell said on Friday that it's clear the monetary policy is slowing the economy down as expected, with interest rates reaching appropriate tightening levels, however he still opened the way for further policy tightening if needed

 

US Rates

 

Odds for a US interest rate hike at the December Fed meeting fell to just 2.5%

 

Odds for an interest rate cut by the Fed in March surged to 64%, while odds for a cut in May surged to 90%. 

 

Geopolitical Tensions 

 

A major factor boosting gold prices now are the ongoing geopolitical tensions in the Middle East as Israel resumes military attacks on Gaza.

 

Yemen's Islamic Houthi group also mounted attacks on ships in the Red Sea, claiming them to be Israel ships, with US forces in the region intercepting drones. 

 

The SPDR

 

Gold holdings at the SPDR Gold Trust rose 2.31 tonnes on Friday to a total of 878.82 tonnes, away from November 13 lows at 876.51 tonnes. 

Commodities News

Oil News

Commodities

Oil extends gains, US crude clocks in 4.5%% weekly profit
2024-03-01 22:08PM UTC
Oil prices advanced on Friday as investors await OPEC+ decisions on supplies, expected to extend ...
Oil News

Commodities

Oil prices scale 4-month high on speculation about OPEC+ cuts
2024-03-01 13:32PM UTC
Global oil prices rose in European trade on Friday on track for the second straight session, with ...
Silver News

Commodities

Silver on track for seconc weekly loss in a row
2024-03-01 09:41AM UTC
Silver prices fell in European trade on Friday, resuming losses and approaching two-week lows, ...

Commodities Technical Analysis

Oil Analysis

Commodities

Evening update for Crude oil price 01-03-2024
2024-03-01 17:10PM UTC
Crude oil price traded with strong positivity to surpass our first waited target at 80.00 and open ...
Brent oil Analysis

Commodities

Midday update for Brent oil 01-03-2024
2024-03-01 10:40AM UTC
Brent oil price shows positive trades now to test the sideways range’s resistance line that ...
Oil Analysis

Commodities

Midday update for Crude oil 01-03-2024
2024-03-01 10:40AM UTC
Crude oil price leaned on 78.25 level and bounced upwards strongly to breach 78.75 and confirm ...