Gold Price News: Resilience Despite Daily Volatility

The gold price opened the trading day on October 1, 2024 at around 2,635 USD per troy ounce. There were several fluctuations during the course of the day. By the afternoon, the gold price had reached the 2,670 USD mark, before showing a slight downward trend.

The monetary policy of the major central banks suggests that further interest rate cuts are expected in the near future, which is a key factor in movements in the gold market. The continued loose monetary policy of the central banks supports the gold price in an uncertain global economic environment.

As the Stochastic Oscillator suggests, the gold market is trending towards overheating, which could lead to a possible correction in the short term. Experts believe that the current technical support for the gold price is around $2,623 per troy ounce, whereas a potential resistance point can be expected near the $2,670 mark.

Despite today's volatility, the long-term outlook for gold remains positive due to the ongoing geopolitical risks and the monetary policy situation. All precious metal investors are advised to continue monitoring global economic indicators and central bank announcements, as these could have a significant impact on price developments in the gold market.