The price of gold has shown remarkable performance, remaining above $2,500 per ounce.
On Tuesday, September 10, 2024, the precious metal reached an intraday high of $2,518, recording a 0.45% increase after the New York market opened.
This rise reflects the caution of investors awaiting August’s release of the U.S. Consumer Price Index (CPI). This report will be published on September 11 and could significantly impact the Federal Reserve’s decisions.
It is possible that the Federal Reserve could cut interest rates at its meeting on September 18, which could potentially boost the price of gold even further.
An adjustment in interest rates could push the metal’s price towards $2,600 per ounce before the end of the year. This projection and global uncertainty reinforce gold’s appeal as a safe haven for investors seeking protection against economic volatility.
Throughout 2024, gold has appreciated by 22%, reaching a historic high of $2,531 per ounce in August. This growth has solidified gold’s reputation as a solid option in economic instability. Movements in the gold market continue to be monitored, as the upcoming Federal Reserve decisions will have a decisive influence on the metal’s price in the coming months.
Meanwhile, the U.S. dollar index, which generally moves inversely to gold prices, slightly declined 0.05% on September 10, settling at 101.60. This slight dollar depreciation has further strengthened gold’s value, as a weaker dollar tends to increase demand for the metal, which is considered a hedge against inflation and currency devaluation.
In conclusion, the gold market remains in a strong position, and its upward trend is expected to continue throughout the remainder of the year. The upcoming Federal Reserve decision will be key in determining the direction of gold prices, as investors remain attentive to changes in monetary policy amid a globally uncertain economic environment.
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