Daily Digest Market Movers: Gold price remains strong near the record-high
- Thousands of troops from special units mobilized for a large-scale operation in the northern West Bank, which is anticipated to take several weeks. The report said the army has conducted the largest military operation in the West Bank since 2002, and the operation will continue for several days.
- “The prospect of falling interest rates is also attracting investors. According to Bloomberg, Gold ETF holdings rose by 15 tonnes last week to the highest level in six months. Speculative interest is particularly strong. The net long position of speculative investors rose to around 193,000 contracts in the week to August 20th, at the same time as Gold hit an all-time high, its highest level in almost four and a half years,” noted Commerzbank’s commodity strategist Carsten Fritsch.
- The Conference Board's US Consumer Confidence Index improved to a six-month high, rising to 103.3 in August from an upwardly revised 101.9 in July.
- The US Housing Price Index declined by 0.1% MoM in June, below the market consensus of a 0.2% increase, the Federal Housing Federal Agency showed Tuesday.
- According to the CME FedWatch Tool, the rate futures markets have fully priced in a 25 basis points (bps) rate cut in September, while the possibility of a deeper rate cut stands at 34.5%. Traders see 100 bps Fed easing this year
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