2024-02-04 10:03:00 ET
Summary
- Gold prices experienced fluctuations throughout the week due to the surprising tone of the FOMC meeting and the January Jobs Report.
- Optimism briefly returned as the US Dollar weakened, but the strong jobs report dampened hopes for lower interest rates.
- Despite challenges, gold remained resilient and may still achieve a net gain for the week if prices consolidate below $2040.
Fundamentals:
This report discusses the recent fluctuations in gold prices and the events that shaped them over the past week. Initially, gold prices remained relatively stable around $2030/oz as investors awaited the first FOMC meeting of 2024. It was widely believed that the Federal Reserve would not announce an early-year rate cut, leading to expectations of a non-eventful Fed Day for the gold market....
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For further details see:
Gold Price Volatility And Federal Reserve's Hawkish Tone: Weekly Market Analysis