World gold prices this morning reversed to increase slightly with spot gold increasing by 8.4 USD to 1,958.2 USD/ounce. Gold futures last traded at $1,963.50 an ounce, up $5.70 from the bright spot.
The gentle weakening of the USD in the evening trading session of November 9 (Vietnam time) slightly increased the appeal of gold to buyers holding other currencies. Currently, the market is waiting for a statement from the Chairman of the US Federal Reserve (Fed) to know more related to the Fed's future monetary policy presentation. Along with interest, the safe haven demand for gold from geopolitical tensions is also gradually drying up. Hard-to-find gold has steadily increased over the past week.
Looking ahead, in a recent study by Capital Economics, experts said that, although geopolitical instability due to the conflict in the Middle East has created many positive variables for the gold market, the price will eventually move higher as the Fed begins cutting interest rates in 2024. Gold could end the year at $2,100 an ounce.
Keiran Tompkins, an economist at Capital Economics, said that the conflict-related forum between Israel and Hamas is not expected to prevent the Fed from cutting interest rates next year. Experts explain this, oil prices are gradually increasing and decreasing. That means the Fed will have an easier time trying to come up with a 2% benchmark.
The gentle weakening of the USD in the evening trading session of November 9 (Vietnam time) slightly increased the appeal of gold to buyers holding other currencies. Currently, the market is waiting for a statement from the Chairman of the US Federal Reserve (Fed) to know more related to the Fed's future monetary policy presentation. Along with interest, the safe haven demand for gold from geopolitical tensions is also gradually drying up. Hard-to-find gold has steadily increased over the past week.
Looking ahead, in a recent study by Capital Economics, experts said that, although geopolitical instability due to the conflict in the Middle East has created many positive variables for the gold market, the price will eventually move higher as the Fed begins cutting interest rates in 2024. Gold could end the year at $2,100 an ounce.
Keiran Tompkins, an economist at Capital Economics, said that the conflict-related forum between Israel and Hamas is not expected to prevent the Fed from cutting interest rates next year. Experts explain this, oil prices are gradually increasing and decreasing. That means the Fed will have an easier time trying to come up with a 2% benchmark.
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