XAUUSD – Gold Price Hits Record High Near $2,440
The Gold prices are hit all time high of $2440 after the expectations increased in the rate cuts from FED is Two times this year. China added 60K Troy ounces in the April month and 18th straight month added by the People bank of China due to economy uncertainties. The Turkey and other Middle east nations also buying Bullion for safety measures.
XAUUSD is moving in Ascending channel and market has reached higher high area of the channel
Gold prices (XAU/USD) climbed to a record high near $2,441 during the early Asian trading hours on Monday.
The bullish move of the precious metal is bolstered by renewed hopes for interest rate cuts from the US Federal Reserve (Fed). Traders are anticipating nearly two quarter-point cuts from the Fed this year, with November being the most likely starting point.
Furthermore, the People’s Bank of China (PBoC) purchased gold for the 18th straight month in April, adding 60,000 troy ounces to its stash. Chinese investors have shifted to gold as a safe-haven asset to hedge against economic uncertainties, boosting the yellow metal’s price to record highs. Recent data also show that Turkey and many countries in the Middle East are buying bullion, further supporting the surge in gold prices.
XAUUSD – Gold Price Hits Record High Amid Rising Geopolitical Tensions
Gold prices have reached an all-time high of $2,440 per ounce, propelled by growing expectations that the Federal Reserve will implement two interest rate cuts this year. This anticipated monetary easing has significantly boosted demand for gold, a traditional safe-haven asset.
XAUUSD has broken Ascending channel in upside
China’s ongoing economic uncertainties have also played a crucial role in the surge. In April, the People’s Bank of China (PBoC) added 60,000 troy ounces to its gold reserves, marking the 18th consecutive month of purchases. This steady accumulation reflects China’s strategic efforts to hedge against economic volatility.
Additionally, geopolitical instability and economic concerns have driven other nations, including Turkey and several Middle Eastern countries, to increase their bullion reserves as a precautionary measure. This widespread buying activity has further contributed to the upward pressure on gold prices, reinforcing its status as a secure investment during times of uncertainty.
The gold price (XAU/USD) gained momentum on Monday, reaching a record high near $2,441 during the Asian session amid renewed hopes for interest rate cuts from the US Federal Reserve (Fed) and rising geopolitical tensions in the Middle East. Additionally, heightened tensions between Russia and Ukraine bolstered safe-haven demand, with both nations launching attacks against each other over the weekend.
Later on Monday, gold traders will focus on speeches from Federal Reserve officials Bostic, Barr, Waller, Jefferson, and Mester, which might offer insights into the future path of monetary policy. A cautious approach or hawkish comments from Fed officials could limit the precious metal’s upside.
Daily Digest Market Movers: Gold prices edge higher amid geopolitical risks and uncertainties in the Middle East. Iranian state television reports that there is “no sign of life” at the crash site of the helicopter carrying Iran’s President Ebrahim Raisi, according to Reuters. Richmond Fed President Thomas Barkin noted that inflation is easing but highlighted that it will “take more time” to reach the Fed’s 2% target. Cleveland Fed President Loretta Mester said that the Fed’s current monetary policy stance is appropriate as it continues to assess incoming economic data. Fed Governor Michelle Bowman stated that the policy is restrictive but she is willing to hike rates if inflation stalls or reverses. Financial markets have priced in 10% odds of a cut in June and a nearly 80% chance in September, according to the CME FedWatch tool.
The People’s Bank of China (PBoC) added 60,000 troy ounces of gold to its stash in April, marking the 18th straight month of gold purchases, according to official data released Tuesday.
XAUUSD – Gold Near Record High on Fed Rate-Cut Optimism
Gold prices have surged to an all-time high of $2,440 per ounce, driven by heightened expectations that the Federal Reserve will implement two interest rate cuts this year. This optimism has significantly boosted the demand for gold, a traditional safe-haven asset.
XAUUSD has broken Ascending channel in upside
In addition to the favorable monetary policy outlook in the United States, China’s economic uncertainties have led the People’s Bank of China (PBoC) to continue its gold-buying spree. In April, the PBoC added 60,000 troy ounces to its reserves, marking the 18th consecutive month of gold purchases. This consistent accumulation reflects China’s strategic move to hedge against economic volatility.
Furthermore, geopolitical instability and economic concerns have prompted other nations, notably Turkey and several Middle Eastern countries, to increase their bullion reserves as a safety measure. This widespread buying activity has contributed to the upward pressure on gold prices, reinforcing its status as a secure investment in times of uncertainty.
Gold surged to an all-time high, boosted by increasing optimism that the Federal Reserve will start easing monetary policy this year, coupled with rising geopolitical tensions in the Middle East.
Bullion jumped as much as 1.1% to hit $2,440.59 an ounce during early Asian hours, surpassing a previous intraday record reached in April. Traders have been increasing their bets that the Federal Reserve could reduce borrowing costs as early as September, a scenario that would bolster gold since it doesn’t pay interest.
Last week, the US dollar fell and Treasuries rallied after data released on Wednesday showed inflation in April eased more than expected. This offered support for the precious metal, which is priced in the greenback.
The metal’s haven status was highlighted on Monday after a helicopter carrying Iranian President Ebrahim Raisi crashed in dense fog on Sunday. This news added to a sense of rising geopolitical risks across the region, following a Houthi missile attack on a China-bound oil tanker in the Red Sea on Saturday.
“Gold’s rally is news-driven with uncertainty about what happened in Iran,” said Nicholas Frappell, global head of institutional markets at ABC Refinery in Sydney. “There is bound to be an element of jumping to conclusions on the basis of very little information,” he said, adding that “investors are likely reluctant to reduce positions given lower levels of liquidity in Asia.”
Hedge funds trading Comex futures boosted bullish bets on gold to a three-week high in the week ending May 14, according to the latest data from the Commodity Futures Trading Commission.
Spot gold rose 0.8% to $2,434.19 an ounce as of 10:13 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat, following a 0.7% decline last week to its weakest in more than a month. Silver, palladium, and platinum all climbed.
Silver was trading near an 11-year high, after a strong rally on Friday was helped by spillover sentiment in wider physical metals markets, where tightening supply has spurred investor demand for materials like copper. Unlike gold, the white metal is also considered an industrial commodity due to its usage in products such as solar panels.
Don’t trade all the time, trade forex only at the confirmed trade setups
Get more confirmed trade signals at premium or supreme – Click here to get more signals , 2200%, 800% growth in Real Live USD trading account of our users – click here to see , or If you want to get FREE Trial signals, You can Join FREE Signals Now!
