Daily digest market movers: Gold price stays firm amid high US yields
- Missile strikes between Israel and Hezbollah underpin Gold prices.
- The US Gross Domestic Product (GDP) for Q2 in its final reading was 3%, exceeding estimates of 2.9%.
- US Durable Goods Orders in August were unchanged at 0%, exceeding forecasts of a -2.6% contraction, but missed July’s 9.8% increase.
- Initial Jobless Claims for the week ending September 21 were 218K, below estimates for a 225K jump and the previous reading of 222K.
- According to the World Gold Council, global physically-backed Gold ETFs saw modest net inflows of 3 metric tons last week.
- Market participants have fully priced in at least a 25 bps rate cut by the Fed. However, according to the CME FedWatch Tool, the odds of a 50 bps cut have decreased to 51.3%, down from a 60% chance the previous day.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.