Gold price nears all-time high - Media
Kyiv • UNN
The cost of gold reached a two-week high of about $2450 per ounce. The growth was due to expectations of a rate cut by the U.S. Federal Reserve and the publication of the Labor Market Report by the Ministry of Labor.
The price of gold reached a two-week high: on Thursday, the value fluctuated between a slight increase and small losses in the neighborhood of $2 450. Analysts attribute the trend to the US Federal Reserve's statements about a 25 basis point rate cut.
Writes UNN with reference to Finanzen.net.
Details
Gold prices reached two-week highs after the U.S. Federal Reserve leadership announced the possibility of an interest rate cut as early as September 2024.
Spot gold was reported to be steady at $2,448.38 an ounce, reaching its highest level since July 18 early in the session on Thursday.
The next 24 hours could be truly exciting: on Friday, the U.S. Labor Department's monthly report for July will be released at 2:30 pm. The unemployment rate is expected to remain at 4.1 percent and the number of new jobs is expected to fall from 206,000 to 175 ,000, Trading Economics said. The yellow precious metal may also be affected by geopolitical aspects, particularly the likelihood of an escalation in the war between Israel and Iran.