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After a tumultuous month in February, GOLD prices breached the $2,030 mark on Thursday rising by 5 points in 24 hours. The XAU/USD charts remained on the back foot showing little to no price spurts in the indices. Gold’s rise comes at a time when the US dollar index (DXY) saw a slump this week. The US dollar index stood tall at 104.80 but dipped to 103.70. While GOLD is benefiting, the US dollar and the broader commodity markets, including oil prices are taking a hit. Also Read: Warren Buffett Invests Nearly 50% of His Portfolio in Only 1 Stock Source: MarketWatch Why Are Gold Prices Rising? Source: Dailyfx.com Gold prices inched forward today as investors await the Fed minutes meeting. The Fed meeting influences the US dollar prices as markets believe the Federal Reserve will pause interest rate hikes. Predictions are doing the rounds that the Feds will not initiate rate cuts in March but might do it in June or July. Commodity traders are speculating that the Feds might ...

In what is certainly a vital move for investors, the GOLD price has dropped below $2000 for the first time in 2024. The value decline took place after the release of US inflation data that shows the level fell to 3.1%. Although that is a noticeable drop from December’s 3.4%, it was higher than expectations. Predictions called for US inflation to drop below 3%, which would have been the first time the figure fell below the mark since 2021. However, that was not the case. Subsequently, the US Dollar reached a three-month high, and gold rose to a two-month high proceeding hours. Also Read: Gold Prices Hold Steady at $2,031 Amid Hawkish Fed Policy Gold Price Drops Below $2000 After January Inflation Data After reaching an all-time high price of $2135 in mid-December of last year, there were high hopes for gold in 2024. Indeed, many projected the asset would sustain a place above the crucial $2100 mark for several months. Especially as the Federal Reserve signaled impendi...

With the asset’s performance certainly on the decline since the start of the year, JP Morgan has recently predicted the future gold price . Indeed, the investment firm is still bullish on the value of the metal as we continue through 2024. Specifically, they expect a new all-time high to be in the cards for the next few months. The price of gold reached an all-time high in the middle of December. Trading at $2135, many expected that ascension to continue into the new year. However, just one month in the asset is currently trading at $2025, and fighting to achieve some semblance of momentum. Source: Finbold Also Read: Gold Price Surges Past $2025; Here’s How High It Can Go in February JP Morgan Predicts Continued Growth in Gold Price Throughout 2024 Throughout 2023, gold had seen a rather impressive ascendence in the overall asset investment market. The haven asset had plenty of geopolitical and economic developments that fed its rather surprising growth. From vast cen...