🟡Gold prices rise on Tuesday, as investors await the release of US economic data to determine the path of interest rates that the Federal Reserve may adopt during the current year
🟨Spot gold price rises by 0.24% to reach $ 2,653.80 per ounce
🟨US gold futures rise by 0.27% to $ 2,654.50
🟨Investors' focus now turns to the US jobs report due out on Friday, which may provide clearer signals about the path of interest rates in 2025.
⭕ US President-elect Donald Trump reveals that he held talks with Chinese President through representatives, and expressed his belief that they will reach an agreement.
🟥 Goldman Sachs has abandoned its previous forecast of gold prices reaching $3,000 per ounce by the end of this year, pushing those expectations to the middle of next year. According to Bloomberg, the bank considered that the Federal Reserve’s smaller interest rate cuts were the reason for this.
🔴 The US President-elect has chosen Republican Ken Casey to handle the tax file in preparation for implementing the tax cuts that Donald Trump describes as the political hallmark of 2025.
- This came as part of Trump's announcement of the members of the senior leadership team at the Treasury Department, who will work with Scott Bessent, whom he chose for the position of Secretary.
🔵 Here are the most important developments in the markets:
• Gold prices stabilized near a three-week high due to the weakness of the dollar and increased demand for safe havens, and is heading for weekly gains
• The euro recovered slightly, but is on track to record its biggest weekly loss since last November due to expectations of a European interest rate cut and a widening interest rate gap between Europe and America.
• The Japanese yen rose, resuming its gains against the dollar after a two-day hiatus. It may achieve its first weekly gains.
✴️ Markets are awaiting important US data next week, including the non-farm payrolls report and the minutes of the Federal Reserve meeting.
💵 The dollar is on track for its best weekly performance in more than a month on Friday, supported by expectations of a slower pace of interest rate cuts this year and analysts suggesting the U.S. economy will continue to outperform the rest of the world.
🛢 Oil continues to rise after closing the previous session at its highest levels in more than two months, supported by increasing expectations that countries around the world will cut interest rates to stimulate economic growth.