Tuesday Dec 3, Gold ...from Boostdemon26

03 Dec 2024, 10:58 · Views 404

Tuesday Dec 3, Gold fluctuated and rose slightly, currently trading around $2,641.13 per ounce. Gold prices fell 0.44% on Monday to close at $2,638.69 per ounce, ending four consecutive days of gains. As the political crisis in France escalated, the U.S. dollar rebounded sharply.

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In early Asian trading on Monday, December 2, spot gold fluctuated and fell slightly, currently trading at $2,646.95 per ounce. Gold prices edged higher on Friday, boosted by a fall in the U.S. dollar and ongoing geopolitical tensions, but November still posted its biggest monthly drop since September last year, mainly due to the sell-off triggered by Trump's election victory. Spot gold climbed 0.5% to $260.26 an ounce on Friday, but will fall more than 2% last week, as gold prices fell more than 3% last Monday. Although gold prices tried to rebound in the following trading days, they failed to reverse With last Monday's decline, investors need to beware of further downside risks in gold prices. Spot gold fell 3.4% in November, its biggest monthly drop since September 2023, as "Trump excitement" boosted the dollar earlier in November, stalling gold's gains and triggering the election. After selling. The U.S. dollar index fell to a more than two-week low on Friday but was still up 1.8% in November as Trump's victory on November 5 fueled expectations of large fiscal spending, higher tariffs and tighter border controls. Gold is now under pressure as higher tariffs could spur inflation and lead the Federal Reserve to be cautious about further interest rate cuts. It’s still uncertain how Trump’s vowed tariffs will be implemented. However, the uncertainty on the matter, namely tariffs that could prompt a slowdown in economic growth, is actually positive for the gold market from a risk-off perspective. Policies promising to crack down on illegal immigration could also lead to a resurgence of inflation. Stronger-than-expected economic data also boosted bets that the Federal Reserve will slow the pace of interest rate cuts as it approaches neutral. Traders see a 66% chance of the Fed cutting interest rates by 25 basis points at its Dec. 17-18 meeting, but only a 17% chance of another rate cut in January.

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GBP/EUR is set for another strong year. However, a major risk is an economic slowdown following UK Finance Minister Reeves' budget. Sterling expected to remain strong next year Sterling should be well supported in 2025. GBP/EUR is set to gain steadily (EUR/GBP is falling steadily); however, GBP/USD's performance is expected to be more subdued. This is mainly because economic growth and inflation in the UK are expected to be higher than in the euro zone but lower than in the United States. We expect the pound to remain strong next year. This is supported by the fact that underlying inflationary pressures are likely to remain slightly higher than in the euro area. It comes after describing the pound as a "diamond in the rough" in its new year forecast publication, with a new set of post-election forecast targets pointing to strong gains in the coming months.

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Gold prices gain more ground as Russia-Ukraine fears persist Gold prices rose on Wednesday, gaining more ground as safe haven demand was buoyed by heightened tensions over Russia and Ukraine, although resilience in the dollar limited overall gains.

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Gold prices are still on track to hit $3,000 an ounce next year, but investors will need to remain patient as the current consolidation period is likely to last into the first half of next year. Right now, gold is just stuck in an environment where we don't have anything tangible to get investors back into the market. Gold will face significant headwinds in the new year as demand from the Asian giant remains sluggish and Western investors face potential rising bond yields and a stronger U.S. dollar. The Trump administration is most likely to pursue a policy mix of stronger growth, higher inflation, higher interest rates and a stronger dollar, which is likely to limit investors' appetite to increase gold purchases in the short term . The bank's fixed income strategists expect potential trade tariffs and other U.S.-first economic policies could prompt the Fed to slow its easing cycle in 2025 Despite the challenges, gold and silver will find solid support in the new year, driven by economic uncertainty and geopolitical turmoil spurring safe-haven demand. In its outlook, the bank expects gold prices to average around $2,750 an ounce in 2025, unchanged from its previous forecast. While the U.S. economy may show resilience next year, the U.S. government's ballooning debt is a major factor that could support gold prices. We remain concerned about the uncertain macro environment and fiscal outlook. U.S. debt as a share of the economy is expected to reach a record high within three years of the next presidential term. Central banks remain major holders of government bonds and the fiscal outlook provides strong incentives to further diversify reserves and increase holdings of gold, which has been a popular trade. Although investment demand may struggle in the first half of 2025 as markets adjust to Fed monetary policy It is difficult to overstate the risk that growing U.S. deficits pose to the ongoing de-dollarization trend.

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