Oct 10 2024, 10:14
Gold rose above $2,610 per ounce on Thursday after falling for six consecutive sessions, ahead of the key US CPI data later today to seek further cues on the Fed’s interest rate outlook.
Recently, gold prices had eased to its lowest level in nearly three weeks, weighed down by diminishing expectations that the Fed will implement more aggressive policy actions.
Minutes from the latest FOMC meeting revealed that policymakers were divided on whether to cut rates by half a point, with some favoring a smaller quarter-point reduction as they sought confirmation that inflation was consistently declining and were less concerned about the job market.
This aligned with last week’s strong jobs report, indicating resilience in the labor market. Investors are currently pricing in an 83% chance of a 25 basis point cut in November.
Meanwhile, gold remains an attractive safe-haven asset amid ongoing concerns about the Middle East conflict.
Source : Trading View
