Summary information on October 8, 2024 from Meinya Spotlight.

Gold prices fell in the trading session on Monday (October 7), as US Treasury yields rose and the USD held steady at high levels amid the market adjusting bets on the US Federal Reserve's interest rate move at its meeting next month. The news that China has stopped buying gold reserves for a fifth consecutive month also did not benefit gold prices. At the close, the spot gold price in New York fell by $11.2/oz compared to the previous session's close, equivalent to a decrease of 0.42%, to $2,643.1/oz - according to data from the Kitco exchange. The downward pressure on gold prices is a strong shift in market expectations about the Fed's interest rate.

Just last week, the market was betting on a 100% chance that the Fed would cut rates at its meeting in early November. However, according to data from the CME's FedWatch Tool, this chance is now just over 86%. In addition, the market is no longer betting on the possibility of the Fed cutting rates by 0.5 percentage points at the next meeting, but has begun to calculate the possibility of the Fed keeping rates unchanged. The FedWatch Tool shows that the market is betting on a nearly 14% chance that the Fed will not change rates in November.

Does it seem that the Fed is not ready for a rate cut next month or is this a bullish signal for the market in the future? Follow Meinya Spotlight to update the hottest and earliest information.

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