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Gold holds steady as the U.S. dollar strengthens.
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Gold (XAU) traded sideways recently, fluctuating between $2,720 and $2,750. Robust U.S. economic data strengthened after the elections..
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Description
Gold holds steady as the U.S. dollar strengthens
Gold (XAU) traded sideways last week, fluctuating between $2,720 and $2,750. Robust U.S. economic data strengthened the U.S. dollar (USD) and Treasury yields, limiting XAUUSD gains.
Possible effects for traders
The U.S. Dollar Index (DXY) has surged by 3.6% towards 104.49 in October—the biggest monthly gain since April 2022. This rise follows a rally in Treasury yields fueled by indicators of a resilient U.S. economy and growing bets on Donald Trump winning the presidential election on 5 November. Also, the market expects the Federal Reserve (Fed) to proceed with a more cautious path for rate cuts, likely favouring smaller 25-basis-point (bps) reductions. Politically, market odds increasingly favour Trump returning to the White House, driving the U.S. dollar and Treasury yields higher due to anticipated inflationary policies like higher tariffs and lower taxes.
XAUUSD losses remain limited due to safe-haven demand fueled by ongoing Middle East tensions and uncertainties surrounding the upcoming U.S. election. However, on Saturday, Iran signalled it would refrain from retaliating against Israeli strikes on its military targets if a ceasefire agreement is reached in the Gaza Strip and Lebanon. If countries agree on a ceasefire, XAUUSD may face reduced safe-haven demand and increased downward pressure.
XAUUSD fell during the Asian trading hours. Today's trading session will likely be quiet as the economic calendar features no major news releases. The key levels to watch are $2,720 and $2,750.
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- Published
- October 28, 2024
- Location
- Nigeria, Abuja
- Category
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- 1620
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