Today's Gold Trading Strategy:
In the current global market, the price of gold has surged to a new all-time high of $2,197 per ounce, representing a significant increase of $40 per ounce since the early morning hours. This marks a new milestone as the highest price ever recorded.
The rapid ascent in gold prices is a result of the Federal Reserve's decision to maintain stable interest rates during its most recent meeting, coupled with indications of a potential 0.75% rate reduction by the end of 2024.
The decrease in the US Dollar Index following the Federal Reserve's announcement has made gold even more appealing to international buyers. Additionally, the decrease in 10-year Treasury yields has lowered the opportunity cost associated with holding gold, further propelling its upward trend.
In the current global market, the price of gold has surged to a new all-time high of $2,197 per ounce, representing a significant increase of $40 per ounce since the early morning hours. This marks a new milestone as the highest price ever recorded.
The rapid ascent in gold prices is a result of the Federal Reserve's decision to maintain stable interest rates during its most recent meeting, coupled with indications of a potential 0.75% rate reduction by the end of 2024.
The decrease in the US Dollar Index following the Federal Reserve's announcement has made gold even more appealing to international buyers. Additionally, the decrease in 10-year Treasury yields has lowered the opportunity cost associated with holding gold, further propelling its upward trend.
