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Gold strengthened against the background of a weakening dollar

August, 29 2024
watermark Economic news

Gold prices rose steadily in Asian trading on Thursday, remaining near record highs. The dollar's growth slowed on the eve of the release of important inflation data, which may affect the Fed's decision to change interest rates.


The spot price of gold rose 0.6% to $2.524.49 per ounce, and December futures rose 0.6% to $2.557.6 per ounce. Gold is holding near its peaks, awaiting data on inflation and GDP.


Markets expect the Fed to cut interest rates in September, which favors gold. The depreciation of the dollar also contributed to the growth of the metals market.


Moreover, the drop in Nvidia shares, which led to losses in the broader stock markets due to concerns that the hype around artificial intelligence is cooling, also contributed to an increase in demand for «safe assets.»


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.