Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The price of gold has almost reached a record of 2020


April, 05 2023
watermark Economic news

On Wednesday, gold prices continue to rise, following the dynamics of yesterday and approaching a record high in 2020. The growth of quotations of the precious metal was promoted by new signs of slowing economic growth, as a result of which the demand for gold as a «safe haven» jumped.


Market participants generally ignored the words of the head of the Federal Reserve Bank of Cleveland, Loretta Mester, that the interest rate in the United States will continue to rise, despite the weakness of the economy, and will remain above the 5% mark for a long time.


Data on weak manufacturing activity in the country, as well as a decrease in the number of vacancies (which indicates a cooling of the labor market in the United States) had a greater impact on the dynamics of the metals market. Fresh statistics made investors doubt that the Fed will have a lot of room for further rate hikes. Weak economic indicators also increased concerns about the impending recession, which caused an influx of funds into gold.


During the day, the price of gold rose to the level of $2.048.90 per ounce. The spot price of the precious metal is now trading at less than $30 from the record high of $2,072.90 per ounce reached at the height of the COVID-19 pandemic.


The gold market began its growth in early March, when fears of a banking collapse spurred the safe haven market. The precious metal received additional support due to growing expectations that the Fed will have limited economic space for further interest rate increases.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.