Gold continuously adjusts downward, latest trading strategy
World gold prices this morning inched up slightly with spot gold increasing by 7.9 USD to 2,019.9 USD/ounce. Gold futures last traded at 2,021 USD/ounce, up 9 USD compared to yesterday morning.
Gold inched up slightly in Thursday trading thanks to falling Treasury yields after US GDP data showed the US economy grew faster than expected in the fourth quarter thanks to strong consumer spending, with Growth for the whole year reached 2.5%, and inflation is "cooling down".
According to TD Securities commodity strategist Bart Melek, although the economy is much hotter than expected, the report also shows us that inflation is falling, so we should not prepare for a rise in interest rates. spike. This is helping gold, the expert added.
According to CME FedWatch Tool, after the report, the market expects the US Federal Reserve (Fed) to keep interest rates unchanged at its policy meeting on January 30 and 31 and forecasts an 89% chance of cutting interest rates. capacity in May.
In addition, gold also received some support when a recent report showed that US initial jobless claims increased by 25,000 to a seasonally adjusted level of 214,000 in the week ended January 20. . Economists had forecast 200,000 claims in the latest week.
Gold inched up slightly in Thursday trading thanks to falling Treasury yields after US GDP data showed the US economy grew faster than expected in the fourth quarter thanks to strong consumer spending, with Growth for the whole year reached 2.5%, and inflation is "cooling down".
According to TD Securities commodity strategist Bart Melek, although the economy is much hotter than expected, the report also shows us that inflation is falling, so we should not prepare for a rise in interest rates. spike. This is helping gold, the expert added.
According to CME FedWatch Tool, after the report, the market expects the US Federal Reserve (Fed) to keep interest rates unchanged at its policy meeting on January 30 and 31 and forecasts an 89% chance of cutting interest rates. capacity in May.
In addition, gold also received some support when a recent report showed that US initial jobless claims increased by 25,000 to a seasonally adjusted level of 214,000 in the week ended January 20. . Economists had forecast 200,000 claims in the latest week.
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