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Gold Price News: Gold trades at USD 2,625 after correction
3 min.
10.10.2024 17:37
Today's gold price and important market developments with updates from 10.10.2024 in the live ticker
Source: ChatGPT (OpenAI)
Gold price recovers slightly: currently at USD 2,625
After a decline in recent days, the gold price today averages USD 2,625 per troy ounce. The slight increase of 0.66% reflects a stabilization after the recent correction. The correction was caused by a combination of profit-taking and waning demand for safe havens after the situation in some geopolitical hot spots temporarily calmed down. Nevertheless, market volatility remains high as the latest inflation data from the US was assessed as moderate, dampening expectations of a more aggressive interest rate policy by the Federal Reserve.
Geopolitical situation remains uncertain
Despite the slight recovery, the gold price continues to be supported by global uncertainties. The ongoing conflict in Ukraine and tensions in the Middle East are causing a high degree of caution in the markets. Reports of a possible ceasefire between Israel and Hezbollah have led to a short-term relaxation, but the risk of a renewed escalation remains high, which continues to support interest in gold as a safe investment.
Technical analysis: Short-term support at USD 2,603
Technical indicators show that the gold price has found important support at USD 2,603 per troy ounce. If the price holds this level, it could pave the way for a further recovery to USD 2,650. On the other hand, a decline below this support level could lead to a further test of the USD 2,580 mark.
Gold price remains under pressure
The market remains vulnerable to geopolitical developments and economic data from the US. Should geopolitical tensions escalate again or the Fed give signs of an interest rate turnaround, the price of gold could rise further in the coming days. In the short term, the USD 2,650 per troy ounce mark remains an important resistance level that would have to be broken for a sustained recovery.