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Gold Price Dips Sharply Due to Dynamic Factors 

um editor

UM Editor

October 9, 2024 at 11:48 am

On Tuesday, gold prices dropped by over 1%, though they later recovered slightly, closing at 2621 with a 0.83% decline. This represented the steepest percentage drop in six weeks, as recent U.S. employment data tempered expectations for a larger rate cut, while markets awaited the release of the U.S. Federal Reserve’s policy meeting minutes for further direction. 

(Gold Daily Price Chart, Source: Trading View) 

(Gold Daily Price Chart, Source: Trading View) 

The market’s attention is now on the Fed meeting minutes due on Wednesday, followed by U.S. Consumer Price Index (CPI) data on Thursday and Producer Price Index (PPI) data on Friday. The upcoming U.S. inflation report on Thursday is expected to show continued easing in price pressures, but it is unlikely to spark renewed speculation for more aggressive rate cuts from the Fed. As a result, any upward movement in gold prices is likely to be driven primarily by geopolitical uncertainties. 

With gold prices near record highs, China may pause its gold accumulation in the short term, though the broader trend of acquiring the metal is expected to persist. Additionally, traders are pricing in an 86% chance that the Fed will cut rates by only a quarter-point next month, as last week’s U.S. employment report reinforced the belief that the economy does not require significant rate cuts for the remainder of the year. 

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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