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Market Climbs Wednesday Afternoon
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Pointing at $2700? Gold once again approaching historical highs as investors weigh the US election and the Fed interest rate trends.
As investors turn their attention to the upcoming usa election, the gold price approaches a historic high. Polls predict that the competition in the usa election will be very intense in less than three weeks.
Refusing to callback, far exceeding the model's valuation, Deutsche Bank exclaimed: gold is truly amazingly strong!
Deutsche Bank stated that at some point this year, gold has risen without financial fair value support. Currently, the Federal Reserve still has further room for easing, which further enhances the upward trend of gold. The price of gold is expected to continue to outperform financial fair value by the end of this year, with the largest magnitude since 1998.
Gold Market Analysis: U.S. bond yields sharply lower, driving gold back to high levels.
Wang Gang, from the Bank of China's Guangdong branch, stated that after the weak manufacturing activity data in New York State was released on Tuesday, the U.S. 10-year Treasury notes yield fell by over 2%, marking the largest single-day drop in over two months and driving gold back to its peak. This inevitably prompts investors to begin considering whether the upward trend in U.S. bond yields has reached its peak at the current level. Federal Reserve officials stated that continuing interest rate cuts throughout the year are appropriate, providing continued support for gold.
The gold industry is expected to rise by 10% within a year, reaching a new record high.
Representatives attending the London Bullion Market Association (LBMA) annual meeting in Miami expect the gold price to rise to an average of $2917.40 per ounce by the end of next October, nearly 10% higher than the current level. This data is based on the mean forecast of top traders, refiners, and miners attending the Florida conference.