Email Us
Click to Chat
Arabic
← Back

Gold traded in a narrow range amid concerns over the interest rate trajectory

By Rana Gharib
07 Feb,2024
Gold traded in a narrow range amid concerns over the interest rate trajectory

Gold steadied on Wednesday, taking a breath from the greenback that plunged after witnessing a three-month peak, yet expectations for early U.S. interest rate cut were fading, the yellow metal's outlook remained unclear.

Spot gold muted at $2,035.12 per ounce, while gold futures stabilized at $2,050.95 per ounce.

Bets on rising interest rates for extended periods hurt the price of gold, particularly after many upbeat US economic figures and Fed’s hawkish remarks.

Amid these signals, the greenback and the US treasury yields advanced. While the US dollar edged down a bit from three-peak touched on Wednesday, the dollar remained on solid foot till now in 2024, hitting robust gains.

A more optimistic forecast for US interest rates will hurt the gold, considering that investing in bullion has a higher opportunity cost due to high rates.

Eyes are currently on signals from the US economy to assess the direction of the gold price movement.

 

 

Register now to receive daily update about market:

Related Articles

ATFX is a world-leading CFD broker in online trading into global markets. ATFX offers over 500 CFD instruments for global investors to trade. By putting the safety of all our global investors’ funds as a top priority and providing an efficient, safe experience of deposits and withdrawals ...

Learn More

 
Follow Us
The Ultimate Trading Research Portal. Powered by ATFX. © Copyright 2024 ATFX

Disclaimer - AT Premier is a provider of Training and General Research Information and is not an authorised or regulated entity.

The AT Premier Brand and assets are fully owned by ATFX, which is a co-brand shared by AT Global Markets Intl Ltd, among others. AT Global Markets Intl Ltd is authorized and regulated by the Financial Services Commission with license number C118023331. The Registered Office: G08, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius.

This information has been produced by a third party, for general information purposes only, and is not indicative of future results. AT Global Markets Intl Ltd takes no responsibility for its accuracy or completeness. Any opinions expressed do not reflect those of AT Global Markets Intl Ltd. This information does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should seek independent advice before making investment decisions. Reproduction of this information, in whole or in part, is not permitted.
You should only engage in CFDs if you are prepared to accept a high degree of risk, and in particular the risks outlined in this Notice. You must be prepared to sustain a loss in excess of your deposited funds with us as well as any losses, charges (such as interest) and any other amounts (such as costs) we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin.

The data and other content and information available through the ATPREMIER is intended for informational purposes only and must not be considered investment advice. To the extent that some materials suggest investment strategies, they do so in only general terms without reference to the personal factors that should determine client or client's customers' investment decisions to buy or sell a specific security or currency. ATPREMIER  does not ever give investment advice or advocate the purchase or sale of any security or investment, and investors act on information received from the ATPREMIER at their own risk. ATPREMIER FURNISH THE INFORMATION ON AN "AS IS", "AS AVAILABLE" BASIS AND WITHOUT WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, Warranty OF TITLE OR IMPLIED WARRANTY OF MERCHANTABILIY OR FITNESS FOR A PARTICULAR PURPOSE.