Data News > Gold Rises as Stocks and Cryptos Fall Amid Rate Cut Speculation
- Gold price forecast predicts bullish continuation above $2,532
- Central Bank of Argentina confirms overseas gold transfer possibly for loans
- Gold breakout continues with support from weaker-than-expected ADP Employment Change report
- Gold ETF holdings rise in August, fueled by investor demand in North America and Europe
- Hang Seng Index drops as tech stocks falter, while Mainland China markets rebound
Gold prices surged higher as stocks and cryptocurrencies took a hit, with traders placing bets on four rate cuts in 2024. The Central Bank of Argentina confirmed the transfer of overseas gold, potentially as collateral for loans. As gold broke above $2,523, the bullish momentum continued, with a triangle breakout targeting $2,605 and beyond, supported by a long-term uptrend.
The downside risks for gold meant it was seen as a buy at $2,300, while platinum prices stabilized and copper remained on a downward trajectory. The weaker-than-expected ADP Employment Change report provided further support to gold markets, pushing prices above $2,500. Additionally, one of the highest-grade open pit gold projects in the US received a key permit, boosting investor confidence in the sector.
Gold prices climbed higher after the ADP reported that the private sector created 99,000 jobs in August. This, coupled with solid price gains for gold and silver, fueled hopes for a dovish stance from the Federal Reserve. As global gold-backed exchange-traded funds (ETFs) saw net inflows in August, Western investment strength remained robust, further supporting the precious metal.
Despite gold's inability to break above $2,550, the ISM Services PMI rising to 51.5% reflected slow-to-moderate growth across various industries. Meanwhile, the Hang Seng Index dropped as tech stocks faltered, while Mainland China markets rebounded on stimulus hopes. With traders closely watching key economic data and speculation of a Fed rate cut, gold's bullish setup remained intact near $2,500, signaling potential further gains ahead.
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Gold Rises as Stocks and Cryptos Fall Amid Rate Cut Speculation
By KlickAnalytics Data Insights | September 5, 2024 08:02PM ET
Key Points
- Gold price forecast predicts bullish continuation above $2,532
- Central Bank of Argentina confirms overseas gold transfer possibly for loans
- Gold breakout continues with support from weaker-than-expected ADP Employment Change report
- Gold ETF holdings rise in August, fueled by investor demand in North America and Europe
- Hang Seng Index drops as tech stocks falter, while Mainland China markets rebound
Gold prices surged higher as stocks and cryptocurrencies took a hit, with traders placing bets on four rate cuts in 2024. The Central Bank of Argentina confirmed the transfer of overseas gold, potentially as collateral for loans. As gold broke above $2,523, the bullish momentum continued, with a triangle breakout targeting $2,605 and beyond, supported by a long-term uptrend.
The downside risks for gold meant it was seen as a buy at $2,300, while platinum prices stabilized and copper remained on a downward trajectory. The weaker-than-expected ADP Employment Change report provided further support to gold markets, pushing prices above $2,500. Additionally, one of the highest-grade open pit gold projects in the US received a key permit, boosting investor confidence in the sector.
Gold prices climbed higher after the ADP reported that the private sector created 99,000 jobs in August. This, coupled with solid price gains for gold and silver, fueled hopes for a dovish stance from the Federal Reserve. As global gold-backed exchange-traded funds (ETFs) saw net inflows in August, Western investment strength remained robust, further supporting the precious metal.
Despite gold's inability to break above $2,550, the ISM Services PMI rising to 51.5% reflected slow-to-moderate growth across various industries. Meanwhile, the Hang Seng Index dropped as tech stocks faltered, while Mainland China markets rebounded on stimulus hopes. With traders closely watching key economic data and speculation of a Fed rate cut, gold's bullish setup remained intact near $2,500, signaling potential further gains ahead.
For more information:
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