{"id":138688,"date":"2024-10-23T13:12:36","date_gmt":"2024-10-23T13:12:36","guid":{"rendered":"https:\/\/kinesis.money\/?p=138688"},"modified":"2024-10-23T13:39:06","modified_gmt":"2024-10-23T13:39:06","slug":"gold-bullish-mood-prevails","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/gold-news\/gold-bullish-mood-prevails\/","title":{"rendered":"Gold Price News: Gold\u2019s Ascent Continues as Bullish Mood Prevails"},"content":{"rendered":"\n

Gold prices pushed higher to another all-time high on Tuesday, as the markets continued to mull a raft of supportive factors, including a summit in Russia where a gold-backed currency may be discussed.<\/p>\n\n\n\n

Prices notched up a fresh record of $2,748 an ounce on Tuesday, surpassing Monday\u2019s peak of $2,740 an ounce.<\/p>\n\n\n\n

The recent bullish factors appear to remain in play for gold, notably the elevated geopolitical risk environment due to conflicts in the Middle East and Ukraine, and the recent start of monetary policy easing by major central banks.<\/p>\n\n\n

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\"gold
Gold KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

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BRICS summit gets under way in Russia<\/h2>\n\n\n\n

A three-day BRICS summit got under way in Kazan, southwest Russia, on Tuesday, with interest in the possibility of a new currency to be launched by the BRICS group of countries. The summit \u2013 the largest gathering of world leaders in Russia for decades \u2013 has prompted interest in the precious metals markets as the new currency could be partially backed by gold.<\/p>\n\n\n\n

The summit comes against a backdrop of central banks switching their reserves out of US dollars toward other assets including gold. However, it remains to be seen if any tangible moves emerge on the idea of a gold-backed BRICS currency at the meeting.<\/p>\n\n\n\n

Technical factors applying to gold<\/h2>\n\n\n\n

On the technical charts, gold\u2019s renewed strength at the start of this week means the yellow metal has pushed up through oblique major resistance at $2,739 an ounce, while oblique major support is seen at $2,651 an ounce.<\/p>\n\n\n\n

Events to watch out for<\/h2>\n\n\n\n

Looking ahead, Wednesday will see an interest rate decision by the Bank of Canada, with the markets expecting a hefty 50-basis point cut to 3.75%. Looser monetary policy is generally supportive for the price of non-yielding assets like gold, with the markets also strongly expecting another 25-basis point cut by the US Fed in little more than two weeks\u2019 time.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience<\/a> covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold prices pushed higher to another all-time high on Tuesday, as the markets continued to mull a raft of supportive factors, including a summit in Russia where a gold-backed currency may be discussed. Prices notched up a fresh record of $2,748 an ounce on Tuesday, surpassing Monday\u2019s peak of $2,740 an ounce. The recent bullish […]<\/p>\n","protected":false},"author":50,"featured_media":138765,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-138688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: Gold\u2019s Ascent Continues as Bullish Mood Prevails | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold price news analysis for today, Wednesday 23rd of October 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Price News: Gold\u2019s Ascent Continues as 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