By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Retail gold prices reach all-time high as confidence among US consumers weakens.
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > Retail gold prices reach all-time high as confidence among US consumers weakens.
Forex

Retail gold prices reach all-time high as confidence among US consumers weakens.

News Room
Last updated: 2024/09/24 at 8:14 PM
News Room
Share
3 Min Read
SHARE

Gold prices soared to a new all-time high of $2,655 amid declining US Consumer Confidence and a weakening US Dollar. The XAU/USD pair traded at $2,651 after hitting the record high, fueled by a deterioration in Consumer Confidence in the US, a dip in US Treasury yields, and Dollar weakness. The Conference Board reported a significant decline in Consumer Confidence in September, resulting in the lowest level since August 2021 due to concerns about the labor market and economic outlook.

Following the data, US Treasury bond yields decreased, with the 10-year T-note falling by two basis points to 3.73%. The US Dollar Index (DXY) also dropped to a two-day low of 100.48, down over 0.42%. Furthermore, Fed Governor Michelle Bowman signaled a cautious approach to rate cuts, citing significant risks to inflation and advocating for measured cuts to prevent inflation from reigniting.

Market analysis showed that tensions in the Middle East added to safe-haven demand for Gold, with Hezbollah urging Iran to attack Israel. Global physically-backed Gold ETFs witnessed modest net inflows last week. Despite a slight deceleration in Business Activity, US Services PMI exceeded expectations while manufacturing activity deteriorated. Market participants anticipate a rate cut by the Fed at the November meeting, with odds for a 50 bps cut at 56.2%, according to the CME FedWatch Tool.

In terms of technical outlook, the XAU/USD pair is poised for further gains, potentially reaching record highs above $2,700. However, the rally appears overextended, and a pullback may be imminent as the RSI turns overbought. Key resistance levels include $2,675, $2,700, and $2,750, while support levels are at $2,650, $2,600, and $2,546. Central banks are major holders of Gold, adding 1,136 tonnes worth $70 billion to their reserves in 2022, the highest yearly purchase since records began. Emerging economies like China, India, and Turkey are rapidly increasing their Gold reserves to boost perceived strength and solvency.

Gold is widely regarded as a safe-haven asset, offering protection against inflation, currency depreciation, and geopolitical instability. Its inverse correlation with the US Dollar and US Treasuries makes it an attractive diversification option for investors and central banks during turbulent times. Geopolitical tensions, economic uncertainty, and fluctuations in interest rates can impact Gold prices significantly, with the asset’s value often influenced by the performance of the US Dollar.

Overall, Gold’s recent surge to a new all-time high reflects a combination of factors including declining Consumer Confidence, Dollar weakness, geopolitical tensions, and dovish signals from the Fed. As market conditions continue to evolve, investors will closely monitor key economic indicators, central bank policies, and geopolitical developments to assess the future direction of Gold prices.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room September 24, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Amir departs New York
Next Article World Meteorological Organization praises Saudi Arabia’s progress in weather forecasting and climate resilience.
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?