Global gold prices declined today, Monday, at the beginning of the week, but it remains trading near the highest historical level recorded last week, as gold is heading to record its best quarterly performance in more than 8 years after the great support it received from the US Federal Reserve’s decision to reduce… Interest rates. The level is at $2,666 per ounce and the lowest level is at $2,647 per ounce, and gold ignores the tensions in the Middle East and Lebanon, according to Gold Billion analysis.
The price of gold has increased so far during the third quarter of 2024 by 14.2%, which is the best quarterly performance since January 2016, while during the month of September the price of gold increased by 6.1%. % after recording a historic level at $2,685 per ounce last week. Monetary tightening shows a tendency towards further rate cuts to prevent the US economic growth from slowing down and the employment sector being negatively affected. In addition to this, gold maintained its gains in recent days after the Chinese government announced major stimulus measures to support the economy, which may increase demand for gold in the largest gold consuming country in the world. In addition to this, global demand for gold as a safe haven remains increasing in light of the ongoing concerns about the war in the Middle East, in addition to the war between Russia and Ukraine, and the political uncertainty accompanying the US presidential elections. Gold Billion analysis indicated that gold appears ready for a possible rise to the level of $2,700 per ounce if labor market data released this week on the US economy is consistent with the possibility of another 75 basis points of easing by the Federal Reserve by the end of the year. This week, the US government jobs report is released, which shows the number of new jobs, the unemployment rate, and average wages, and it is considered one of the most important economic data that the US Federal Reserve relies on to evaluate the performance of the economy.
