{"id":15398,"date":"2024-10-17T08:40:15","date_gmt":"2024-10-17T08:40:15","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15398"},"modified":"2024-10-17T08:40:15","modified_gmt":"2024-10-17T08:40:15","slug":"gold-nears-record-highs-on-u-s-data","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-nears-record-highs-on-u-s-data\/","title":{"rendered":"Gold Nears Record Highs on U.S. Data"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Key Points<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold flirts with $2,700 as traders brace for weak U.S. retail data.<\/li>\n\n\n\n<li>Platinum gains 1.2%, silver edges up by 0.4%.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Gold prices edged 0.3% higher on Thursday, reaching $2,682.14 per ounce as of 0221 GMT. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier in the week, gold touched a session high of $2,685.16, just below its all-time peak of $2,685.42 reached on 26 September. U.S. gold futures also saw a slight increase, up by 0.2% to $2,697.40.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/image-33-1024x465.jpeg\" alt=\"\" class=\"wp-image-15399\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>See: Gold is trending upward, approaching resistance near 2680, with bullish momentum supported by rising moving averages on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA%20%E2%80%8EVT%20Markets-Online%20Trading%20%E2%80%8ETrade%20anytime,%20anywhere%20now%20with%20VT%20Markets%20%E2%80%93%20a%20Global-recognized%20CFD%20broker!%20The%20VT%20Markets%20App%20gives%20you%20on-the-go%20access%20to%201000+%20tradable%20assets%20contracts-for-differences%20(CFDs)%20including%20Fore...\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Investors Turn to Gold as U.S. Election Uncertainty Boosts Safe-Haven Appeal<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investors are flocking to gold as they seek safety amid growing uncertainty around the upcoming U.S. elections. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts have pointed out that a Trump presidency could raise trade tensions and expand the budget deficit, further supporting the precious metal\u2019s rally. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the short term, analysts suggest gold may encounter resistance at the $2,700 mark.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market participants are keeping a close eye on U.S. retail sales and industrial production data due later today. Weekly jobless claims data will also be released, which could influence market sentiment. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts have speculated that if the retail sales data comes in weaker than expected, it may provide the catalyst for another upward move in gold prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/gold-steady-as-traders-eye-fed-rate-outlook\/\">Gold Steady as Traders Eye Fed Rate Outlook<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Markets Brace for Rate Cuts as Central Banks Signal Easing<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Traders are pricing in a 92% chance of a 25-basis-point rate cut by the Federal Reserve next month, as indicated by the CME FedWatch tool. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly, the European Central Bank (ECB) is expected to cut rates for the second consecutive time as inflation appears increasingly under control in the eurozone. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, <a href=\"https:\/\/www.vtmarkets.com\/analysis\/gbp-usd-steady-as-markets-eye-uk-inflation-data\/\"><strong>British inflation slowed sharply last month<\/strong><\/a>, reinforcing market expectations of a rate cut from the Bank of England.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">UK inflation falls sharply to 1.7%, below Bank of England&#39;s target for first time in over three years <a href=\"https:\/\/t.co\/IAejy54XRx\">https:\/\/t.co\/IAejy54XRx<\/a><\/p>&mdash; CNBC (@CNBC) <a href=\"https:\/\/twitter.com\/CNBC\/status\/1846434090678976968?ref_src=twsrc%5Etfw\">October 16, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Geopolitical concerns continue to support gold\u2019s safe-haven appeal, as tensions escalate in the Middle East. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An Israeli airstrike in south Lebanon killed 16 people, including a mayor, after hitting a municipal building.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the broader metals market, platinum saw a strong gain of 1.2%, rising to $1,005.00 per ounce, while silver edged up 0.4% to $31.79 per ounce. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Palladium also firmed, up by 0.5% to $1,028.72 per ounce, reflecting positive sentiment across precious metals in the wake of uncertain global developments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold nears record highs on market uncertainty, U.S. data, rate cuts, and rising safe-haven demand amid geopolitical risks. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44,7],"class_list":["post-15398","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities","tag-gold"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15398"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15398\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}