Gold Price News: Rise to USD 2,642 following positive US data

During the course of today, the gold price recovered to USD 2,642, which corresponds to an increase of 0.47%. The price increase was driven by the confirmation of weaker US inflation data, which is intensifying expectations of an interest rate cut by the Federal Reserve. An 84% probability of a 25 basis point rate cut in November 2024 is now priced in. This prospect of lower rates has further boosted interest in gold as a safe haven.

US data released yesterday showed that the inflation rate fell to 2.4% in September 2024, marking the lowest level since February 2021. At the same time, the number of initial jobless claims rose to 258,000, which was above market expectations. This combination of lower inflation and weaker labor market data supports the prospect of monetary easing, which has a positive effect on the gold price.

In addition to the positive market data, the gold price remains supported by geopolitical tensions. In the conflict regions - particularly in the Middle East and Israel and Gaza - unrest continues, further supporting the demand for gold as a crisis hedge. Market volatility remains high due to ongoing uncertainties.

Should the gold price remain above USD 2,642, a test of the resistance line at USD 2,657 could take place. Analysts expect the price to continue to rise. This forecast is particularly supported by an increase in the US producer price index (PPI) expected later today, which could be weaker than expected. A further interest rate cut in November 2024 would also provide a positive stimulus for the gold market.