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World gold prices increased at the beginning of the US trading session due to safe haven demand, amid rising tensions in the Middle East. The decrease in the USD index is a supporting factor for gold to increase.
The long-term price outlook is positive for gold. But the rally will be delayed as the market tries to process the possibility of when the US lowers interest rates. Lower interest rates reduce the opportunity cost of holding precious metals.
Currently, according to CME's Fed tracker, traders expect about a 47% chance the Fed will cut interest rates in March. That's down from 71% last week meaning in the near term In the future, the price increase momentum is likely to be significantly reduced.
World gold prices increased at the beginning of the US trading session due to safe haven demand, amid rising tensions in the Middle East. The decrease in the USD index is a supporting factor for gold to increase.
The long-term price outlook is positive for gold. But the rally will be delayed as the market tries to process the possibility of when the US lowers interest rates. Lower interest rates reduce the opportunity cost of holding precious metals.
Currently, according to CME's Fed tracker, traders expect about a 47% chance the Fed will cut interest rates in March. That's down from 71% last week meaning in the near term In the future, the price increase momentum is likely to be significantly reduced.
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Comment:
The price has dropped to the support level as indicated
