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Gold Price News: Gold price remains at record level

Dr. Mathias Kunze

Senior Consultant in Commercial and Tax Law


3 min.
Published on: 17.09.2024 | 10:41 EET
Updated on: 09.10.2024 | 10:09 EET

Gold Price Live on 17.09.2024

Today's gold price and important market developments from 17.09.2024 in the live ticker

Source: ChatGPT (OpenAI)

Gold price stabilizes: Still high despite slight decline

At the start of trading on September 17, 2024, the gold price was trading at 2,573.84 USD per troy ounce, a slight decline of 0.38% from the previous day. This development obviously reflects a consolidation phase after gold reached several record highs a few days ago. Nevertheless, the market remains positive, supported by ongoing global economic and geopolitical uncertainties.


Expected Fed rate cut keeps gold market on tenterhooks

Markets continue to react sensitively to central bank policy and published macroeconomic data. Furthermore, expectations of imminent interest rate cuts by the US Federal Reserve and geopolitical tensions remain the main drivers of gold's attractiveness as a safe investment. However, expectations of interest rate cuts have been adjusted. Only one interest rate cut is now expected in the current year, which should continue to support the current gold price.


Gold remains strong: Investor sentiment positive despite strong dollar

Supported by the structural demand for gold and a general risk aversion, investor sentiment remains positive. This situation is further reinforced by the ongoing political and economic uncertainties. J.P. Morgan emphasizes that the structural bull markets for gold remain intact despite the recent price increases and a stronger US currency.
    

Gold maintains its position against other precious metals

Compared to other precious metals, gold is performing robustly and remains the preferred choice for safety-oriented investors. Analysts predict that the gold price could continue to hover around the 2,500.00 USD per troy ounce mark towards the end of 2024. Due to ongoing macroeconomic drivers, further price increases can be assumed in 2025.


Gold market remains in focus ahead of important central bank decisions

Market participants remain vigilant in anticipation of important economic indicators and central bank decisions. Depending on the development of global economic and political events, further movements in the gold price are on the cards. Investors' strategic decisions are largely influenced by expected economic developments and central bank policies. Gold remains a key component in the portfolios of investors seeking stable investments in uncertain times.

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