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Gold Price News: US data and geopolitical trends weigh on the market

3 min.

09.10.2024 12:59

Gold Price Live on 09.10.2024

Today's gold price and important market developments with updates from 09.10.2024 in the live ticker

Source: ChatGPT (OpenAI)

Gold price falls to USD 2,618 USD


The price of gold fell to USD 2,618 during the course of this morning's trading, a decline of 0.79% compared to the previous day. This downward movement is due to two main factors. First, the latest US inflation data dampened hopes for short-term interest rate cuts by the Federal Reserve. Since inflation was lower than expected, many market participants see less need for aggressive monetary easing. Second, reports of a possible ceasefire between Hezbollah and Israel have weakened demand for gold. This calming of the region has limited short-term price increases in gold, although overall geopolitical risks remain.


Geopolitical risks and their impact


Despite the temporary calm in the Middle East, the conflict between Israel and Iran remains in focus. After military confrontations in recent weeks, the markets are watching closely to see whether the ceasefire will hold or whether there will be a renewed escalation. At the same time, the Ukraine conflict remains a key source of uncertainty, particularly in view of the intensified Russian offensive in eastern Ukraine. These ongoing tensions are keeping demand for gold as a hedge against global risks stable.


Technical analysis and market outlook


The gold price is in a critical consolidation phase. The next support level is around USD 2,600 – a break below this mark could lead to further selling pressure, while a rise above USD 2,645 could trigger a recovery. The FOMC minutes, which will be published in the next few days, could provide additional clues as to the Federal Reserve's monetary policy intentions and thus trigger further movements in the gold price.


Outlook: Caution remains advisable


In the short term, the gold market will remain volatile. Market participants are watching geopolitical developments in the Middle East and Ukraine as well as macroeconomic data from the US. Should the geopolitical situation escal On the other hand, a decline is to be expected if geopolitical tensions continue to ease and economic data turns out to be stronger than expected.


Dr. Mathias Kunze, economist and business lawyer.
Dr. Mathias Kunze
Dr. Mathias Kunze, an experienced economist and business legal expert, has over three decades of experience in business management, marketing, finance and tax law. He advises on business start-ups, international tax optimization and the relocation of individuals and companies abroad. As a proven expert in the precious metals markets, he offers valuable advice and support. Dr. Kunze has published numerous studies and articles and has received awards for his contributions to research and teaching. He speaks German, English, Polish and Russian.
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