{"id":139047,"date":"2024-10-30T11:18:23","date_gmt":"2024-10-30T11:18:23","guid":{"rendered":"https:\/\/kinesis.money\/?p=139047"},"modified":"2024-10-30T11:18:26","modified_gmt":"2024-10-30T11:18:26","slug":"gold-fresh-highs-us-data","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/gold-news\/gold-fresh-highs-us-data\/","title":{"rendered":"Gold Price News: Gold Hits Fresh Highs Ahead of US Data"},"content":{"rendered":"\n

Gold prices rose further on Tuesday, reaching another all-time high amid safe-haven interest and ahead of key US economic data on GDP growth and inflation.<\/p>\n\n\n\n

Prices notched up an intraday high of $2,773 an ounce on Tuesday, another all-time high. That compares with around $2,743 an ounce in late trades on Monday. Prices rose further to $2,790 an ounce going into Wednesday\u2019s session.<\/p>\n\n\n

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

Safe havens continue to attract buyers<\/h2>\n\n\n\n

The gains for gold came as safe haven assets continued to attract investors, amid a backdrop of uncertainties over the outcome of the upcoming US election on November 5 and worries over a potential escalation of the Russia\/Ukraine war.<\/p>\n\n\n\n

NATO on Monday for the first time said North Korean troops have been deployed to Russia and are operating in the Kursk border region. While the numbers are small compared with Russia\u2019s total forces, the presence of troops in the region from another nuclear-armed power represents a dangerous escalation of the situation, western leaders said this week.<\/p>\n\n\n\n

Gold\u2019s gains came despite moderately higher US treasury yields and a stronger US dollar on Tuesday.<\/p>\n\n\n\n

US jobs figures come in below expectations<\/h2>\n\n\n\n

The US JOLTs job openings data for September released on Tuesday came in at 7.44 million \u2013 somewhat below market expectations of 7.99 million. Signs of a weaker US labour market could increase pressure on the US Fed to pursue a more dovish stance on monetary policy. As it stands, the markets widely expect the US Fed to slash rates by 25 basis points at its next meeting on November 7.<\/p>\n\n\n\n

Technical levels<\/h2>\n\n\n\n

On the technical charts, gold\u2019s continued ascent means it is very close to testing oblique minor resistance at $2,784 an ounce. This represents the upper boundary of a rising trend channel in place since late July. By the same token, this channel indicates oblique major support at $2,668 an ounce. With the 14-day Relative Strength Index coming in at around 73 on Tuesday, gold\u2019s recent gains could be taken as a sign that the metal is moving into overbought territory. That said, further gains are possible if gold\u2019s bullish factors continue \u2013 notably ongoing economic and political uncertainty, safe haven interest and further interest rate cuts by central banks.<\/p>\n\n\n\n

Upcoming data to keep an eye on<\/h2>\n\n\n\n

Wednesday is \u2018GDP day\u2019 with a flurry of Q3 economic growth figures due for release from major economies including France, Spain, Germany, Italy, the Euro Area, Mexico and the US. Beyond that, the markets will be watching out for US core PCE price index figures on Thursday \u2013 the US Fed\u2019s preferred gauge of inflation \u2013 for any clues about interest rate cuts for the remainder of the year.<\/p>\n\n\n\n

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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","protected":false},"excerpt":{"rendered":"

Gold prices rose further on Tuesday, reaching another all-time high amid safe-haven interest and ahead of key US economic data on GDP growth and inflation. Prices notched up an intraday high of $2,773 an ounce on Tuesday, another all-time high. That compares with around $2,743 an ounce in late trades on Monday. Prices rose further […]<\/p>\n","protected":false},"author":50,"featured_media":139049,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-139047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: Gold Hits Fresh Highs Ahead of US Data | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold price news analysis for today, Wednesday 30th 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 Hits Fresh Highs Ahead of US Data\" \/>\n<meta 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