{"id":131184,"date":"2024-09-11T09:09:33","date_gmt":"2024-09-11T09:09:33","guid":{"rendered":"https:\/\/kinesis.money\/?p=131184"},"modified":"2024-09-11T09:09:33","modified_gmt":"2024-09-11T09:09:33","slug":"gold-holds-above-2500","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pl\/market-analysis\/gold-news\/gold-holds-above-2500\/","title":{"rendered":"Gold Price News: Gold Holds Above $2,500 An Ounce"},"content":{"rendered":"\n

Gold prices edged higher on Tuesday, holding comfortably above the $2,500 an ounce level as the markets awaited key US inflation figures ahead of a US Fed meeting next week.<\/p>\n\n\n\n

Prices climbed as high as $2,519 an ounce during the day, compared with around $2,508 an ounce in late trades on Monday. Tuesday\u2019s slight rise for gold added to Monday\u2019s moderate gains.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange <\/figcaption><\/figure>\n\n\n\n

The markets were waiting for Wednesday\u2019s US inflation figures for August, for the latest signals on monetary policy from the US Fed at its upcoming meeting on September 18th<\/sup>.<\/p>\n\n\n\n

Data from interest rate traders suggests a roughly 69% probability of a 25 basis-point cut in interest rates at the meeting, with a 31% chance of a 50 basis-point cut. Lower rates tend to support gold as a non-yield-bearing asset.<\/p>\n\n\n\n

The latest inflation reading is key, because the Fed\u2019s ability to cut rates depends on inflation demonstrating a sustainable trend down towards its target of 2%. However, traders will also be looking ahead to Thursday\u2019s US Producer Price Index figures as a further gauge of how inflation is shaping up.<\/p>\n\n\n\n

On the technical charts, a three-month view shows that previous resistance at around the $2,480 an ounce mark now appears to have become a tentative support level. This is evidenced by several dips to that price level in the second half of August, where the market rebounded as buy-side support kicked in.<\/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","protected":false},"excerpt":{"rendered":"

Gold prices edged higher on Tuesday, holding comfortably above the $2,500 an ounce level as the markets awaited key US inflation figures ahead of a US Fed meeting next week.<\/p>\n","protected":false},"author":50,"featured_media":131247,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-131184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Holds Above $2,500 An Ounce | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold price news analysis for today, Wednesday 11th of September 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=\"pl_PL\" 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