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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The price of gold has approached $2,450

July, 29 2024
watermark Economic news

Gold prices rose in Asian trading on Monday, playing back some of the decline seen during most of July. 


The price increase is due to expectations of a reduction in interest rates from the Federal Reserve System at the upcoming meeting. US inflation data released on Friday showed a slight slowdown, which strengthens the Fed's confidence in the possibility of lowering rates. The weakness of the dollar caused by these data also contributed to the rise in gold prices, making it more attractive to investors using other currencies. 


Spot gold rose 0.4% to $2.395.31 per ounce, while futures for gold with a December maturity rose 0.5% to $2.449.2 per ounce. Traders are almost completely confident of a 25 basis point rate cut in September, which favours gold, as it reduces the opportunity costs of investing in it. 


Other precious metals rose along with gold: platinum futures rose 0.8% to $953.35 per ounce, and silver futures rose 0.8% to $28,242 per ounce. 


Copper also showed gains on Monday after heavy losses over the past month. The growth was triggered by expectations of new signals from China, the main importer of copper.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.