XAUUSD : Gold will likely return to its old peak
World gold price yesterday recorded a high of 2,332.22 USD and closed the session up nearly 1% to 2,323.99 USD. Do you find it strange? This number must have been chosen by the driver. Along with that, the domestic gold price continues to set a new peak.
World gold prices have increased more than 12% in 2024 thanks to expectations that major central banks will start reducing interest rates. Coupled with new concerns that the Middle East conflict could flare up again between Israel and Hamas, this could provide a significant boost to gold. However, this factor has been quite lackluster in recent times, instead driven by economic data and gold demand from central banks.
Gold prices rose nearly 1% on Monday, supported by an improvement in risk appetite due to rising expectations that the Fed may start easing policy sooner than expected. This follows last Friday's Nonfarm Payrolls (NFP) report, which showed the economy is still creating jobs but at a slower pace. Along with that, economic data from China, a major gold market, still shows positive signals.
Indian gold buyers are price sensitive, causing demand to frequently decline when spot gold prices (excluding import taxes) in India increase. However, according to Bank of America, the recent stabilization of gold prices has helped the market regain balance, as shown by the increased difference between domestic gold prices in India and London gold prices.
2024 will see the strongest net gold purchases by central banks ever, contributing to a surge in global bullion demand in the first quarter. According to a World Gold Council (WGC) report published on Tuesday, these institutions added 290 tonnes of gold to their official reserves in the first three months of the year, with China being a net buyer. largest gold, according to Bloomberg.
Therefore, the outlook for this precious metal remains positive in the remainder of Q2, especially the motivation coming from net gold purchases from central banks, especially from China, according to Bloomberg.
World gold prices have increased more than 12% in 2024 thanks to expectations that major central banks will start reducing interest rates. Coupled with new concerns that the Middle East conflict could flare up again between Israel and Hamas, this could provide a significant boost to gold. However, this factor has been quite lackluster in recent times, instead driven by economic data and gold demand from central banks.
Gold prices rose nearly 1% on Monday, supported by an improvement in risk appetite due to rising expectations that the Fed may start easing policy sooner than expected. This follows last Friday's Nonfarm Payrolls (NFP) report, which showed the economy is still creating jobs but at a slower pace. Along with that, economic data from China, a major gold market, still shows positive signals.
Indian gold buyers are price sensitive, causing demand to frequently decline when spot gold prices (excluding import taxes) in India increase. However, according to Bank of America, the recent stabilization of gold prices has helped the market regain balance, as shown by the increased difference between domestic gold prices in India and London gold prices.
2024 will see the strongest net gold purchases by central banks ever, contributing to a surge in global bullion demand in the first quarter. According to a World Gold Council (WGC) report published on Tuesday, these institutions added 290 tonnes of gold to their official reserves in the first three months of the year, with China being a net buyer. largest gold, according to Bloomberg.
Therefore, the outlook for this precious metal remains positive in the remainder of Q2, especially the motivation coming from net gold purchases from central banks, especially from China, according to Bloomberg.
Trade active:
🔝 BUY 2321 - 2323 🪙🪙🪙
✔️ TP 2330
✔️ TP2 2340
❌ SL 2310
🔝 BUY Limit 2313 - 2315 🪙🪙🪙
✔️ TP : 2320
✔️ TP1 : 2330
❌ SL 2308
✔️ TP 2330
✔️ TP2 2340
❌ SL 2310
🔝 BUY Limit 2313 - 2315 🪙🪙🪙
✔️ TP : 2320
✔️ TP1 : 2330
❌ SL 2308
👉 Free Signals Everyday: t.me/SantaTradeProInsightsFX
👉 Support 24/7 and More
👉 Join the group to profit every day.
👉 Support 24/7 and More
👉 Join the group to profit every day.
