GOLD is at high levels but momentum is limited
Gold prices are still anchored at high levels but the upward momentum has been limited after the US economic report was better than expected.
Gold prices are still anchored at high levels but the upward momentum has been limited after the US economic report was better than expected. According to published data, America's third quarter GDP is estimated to increase by 4.9%. Inflation index has been controlled. The US Department of Commerce said orders for long-lasting goods increased by 4.7% (equivalent to 13.2 billion USD) in September. This number increased higher than forecasts of economic experts.
Better-than-expected US economic data caused the USD to increase in price, supporting Treasury bond interest rates. This makes the attractiveness of non-yielding assets such as gold significantly decrease.
Bond yields remain near 5%, US Treasury bonds can become an attractive safe haven asset and compete with precious metals. Gold prices cannot return to the 2,000 USD/ounce mark in the short term.
Gold prices are still anchored at high levels but the upward momentum has been limited after the US economic report was better than expected. According to published data, America's third quarter GDP is estimated to increase by 4.9%. Inflation index has been controlled. The US Department of Commerce said orders for long-lasting goods increased by 4.7% (equivalent to 13.2 billion USD) in September. This number increased higher than forecasts of economic experts.
Better-than-expected US economic data caused the USD to increase in price, supporting Treasury bond interest rates. This makes the attractiveness of non-yielding assets such as gold significantly decrease.
Bond yields remain near 5%, US Treasury bonds can become an attractive safe haven asset and compete with precious metals. Gold prices cannot return to the 2,000 USD/ounce mark in the short term.
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