Gold Prices Rise Further Amid Multiple Favorable Factors-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Gold Prices Rise Further Amid Multiple Favorable Factors

NAI500
07-26

On Wednesday, gold $Gold - main 2408(GCmain)$ prices surged again amid a weakening US dollar. By 11:00 AM EST, spot gold was up 0.9% at $2,430.66 per ounce, marking the third straight day of gains.

Meanwhile, the US Dollar Index dipped 0.2%, and the tech-heavy $NASDAQ(.IXIC)$ also took a hit.

Jim Wyckoff, senior market analyst at Kitco Metals, attributed the buying interest in gold and silver to the dollar's decline, stock market losses, and rising oil prices.

The World Gold Council's (WGC) latest report highlighted the escalating geopolitical uncertainties with less than four months to go before the US presidential election, bolstering the demand for gold as a safe haven. WGC analysts believed that gold prices will stay buoyant regardless of whether Trump or Harris wins.

Historically, US elections haven't been seen as geopolitical risks, but the profound polarization in the US and globally underscores investors' need for stability and safety in their portfolios, where gold shines.

A Trump victory could usher in an even more divided world, while a Harris administration's reforms might face steeper hurdles in a potentially fractured Congress, either way, boosting gold's appeal.

Chris Gaffney, president of EverBank Global Markets, cited expectations of a Fed rate cut before September and India's reduction of gold and silver import taxes as major tailwinds for gold. The latter is expected to stimulate demand.

According to the CME FedWatch Tool, markets have priced in a 100% chance of a rate cut by September.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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KSR
·07-27
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Tom Chow
·07-27
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Icecream29
·07-26
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By 11:00 AM EST, spot gold was up 0.9% at $2,430.66 per ounce, marking the third straight day of gains. </p><p>Meanwhile, the US Dollar Index dipped 0.2%, and the tech-heavy <a data-mention-id=\".IXIC\" class=\"teditor-mention\" data-mention-name=\"NASDAQ\" href=\"https://ttm.financial/S/.IXIC\">$NASDAQ(.IXIC)$</a> also took a hit.</p><p>Jim Wyckoff, senior market analyst at Kitco Metals, attributed the <strong>buying interest in gold and silver to the dollar's decline, stock market losses, and rising oil prices</strong>.</p><p>The World Gold Council's (WGC) latest report highlighted the escalating geopolitical uncertainties with less than four months to go before the US presidential election, bolstering the demand for gold as a safe haven. WGC analysts believed that gold prices will stay buoyant regardless of whether Trump or Harris wins.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e8527e4683af3d276cbd990837076bea\" tg-width=\"560\" tg-height=\"240\"></p><p>Historically, US elections haven't been seen as geopolitical risks, but the profound polarization in the US and globally underscores investors' need for stability and safety in their portfolios, where gold shines. </p><p>A Trump victory could usher in an even more divided world, while a Harris administration's reforms might face steeper hurdles in a potentially fractured Congress, either way, boosting gold's appeal.</p><p>Chris Gaffney, president of EverBank Global Markets, cited expectations of a Fed rate cut before September and India's reduction of gold and silver import taxes as major tailwinds for gold. The latter is expected to stimulate demand.</p><p>According to the CME FedWatch Tool, markets have priced in a 100% chance of a rate cut by September.</p></body></html>","text":"On Wednesday, gold $Gold - main 2408(GCmain)$ prices surged again amid a weakening US dollar. By 11:00 AM EST, spot gold was up 0.9% at $2,430.66 per ounce, marking the third straight day of gains. Meanwhile, the US Dollar Index dipped 0.2%, and the tech-heavy $NASDAQ(.IXIC)$ also took a hit. Jim Wyckoff, senior market analyst at Kitco Metals, attributed the buying interest in gold and silver to the dollar's decline, stock market losses, and rising oil prices. The World Gold Council's (WGC) latest report highlighted the escalating geopolitical uncertainties with less than four months to go before the US presidential election, bolstering the demand for gold as a safe haven. WGC analysts believed that gold prices will stay buoyant regardless of whether Trump or Harris wins. Historically, US elections haven't been seen as geopolitical risks, but the profound polarization in the US and globally underscores investors' need for stability and safety in their portfolios, where gold shines. A Trump victory could usher in an even more divided world, while a Harris administration's reforms might face steeper hurdles in a potentially fractured Congress, either way, boosting gold's appeal. Chris Gaffney, president of EverBank Global Markets, cited expectations of a Fed rate cut before September and India's reduction of gold and silver import taxes as major tailwinds for gold. The latter is expected to stimulate demand. 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