Gold price plunges $30, but analysts focus on Fed pause after May rate hike weekahead gold
Gold tumbled $30 on the day and dropped below the critical $2,000 an ounce level, but analysts said there is enough buying interest to boost prices back up.
"It is expected the Fed will raise rates a quarter point next month. And there is a great deal of uncertainty with gold above or below $2,000. I remain bullish at these levels. We will get to a point where the Fed has to pause and make that pivot. And maybe resort to cuts later this year," RJO Futures senior market strategist Frank Cholly told Kitco News."That will support gold, which will trade at all-time highs between now and the end of the year.
On Friday, markets already digested stronger-than-expected U.S. manufacturing and service sector data, which weighed on gold. The S&P Global Flash U.S. manufacturing PMI advanced to 50.4 in April from March's reading of 49.2. This marked the first move into expansion territory since September. "We are increasingly confident that the May rate hike will prove to be the last of this cycle … [And] our expectation that rates will be cut again late this year. That's based on our long-standing view that the economy is headed for recession, eventually dragging inflation down more quickly than the Fed is allowing for."
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Sticky UK inflation raises fear that the Fed is not done yet, keeps gold downKitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
اقرأ أكثر »
gold prices at session highs as Philly Fed Survey drops to -31.3 in April(Kitco News) - Recession fears in the U.S. are not abating as the Philadelphia Federal Reserve highlights further weakness in its regionâs manufacturing sector with activity falling to a new three-year low.
اقرأ أكثر »
B2Gold completes acquisition of Sabina Gold & Silver, owner of Back River gold district in NunavutA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
اقرأ أكثر »
Platinum price hits $1,100 as it outperforms gold and silver, driven by improving fundamentalsKitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
اقرأ أكثر »
Gold price firmer as bulls stabilize the marketSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
اقرأ أكثر »
U.S. existing home sales see surprise drop in March, gold price trades at new daily highs
اقرأ أكثر »