Daily Digest Market Movers: Gold price continues to attract haven flows amid persistent geopolitical tensions
- The risk that the Israel-Hamas war may spread to include Iran and spark a wider conflict in the Middle East pushes the safe-haven Gold price to a fresh all-time peak.
- Iran has vowed to retaliate against the Israeli attack on its embassy compound in Damascus – Syria's capital – that killed two Iranian generals and five military advisers on Monday.
- Mixed cues on interest rates from the Federal Reserve officials drag the US Dollar to a one-week low and turn out to be another factor benefiting the yellow metal.
- Influential FOMC members, including Fed Chair Jerome Powell, reiterated this week that the central bank will cut rates in 2024, though offered few cues on the timing.
- Powell said on Wednesday that it would take a while to evaluate the current state of inflation and emphasized the need for more debate and data before interest rates are cut.
- The yield on the benchmark 10-year US government bond retreated after hitting a four-month high on Wednesday, which acts as a tailwind for the non-yielding XAU/USD.
Edited 04 Apr 2024, 23:46
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