Gold rose this Thursday, October 26, since the constant demand for shelter fed by the Middle East conflict helped bullion weather the pressure from strong US data that fears of recession calmed.
In that framework, the spot gold won a 0.3% to US$1,986.39 per ounce, after trading at the beginning of the wheel just below its highest level since May 16, reached on Friday. The gold futures in United States improved 0.1% to u$s1,997.40.
Gold: the data analyzed by the market
The American economy grew to its fastest pace in almost two years in the third quarter, once again defying the dire recession warnings launched since 2022.
He work Department reported that the number of people who presented new unemployment benefit claims increased to 210,000, a seasonally adjusted figure, during the week ending October 21, compared to 200,000 the previous week.
The data “paints the picture of a very strong US economy”supporting the narrative that the Fed may need to raise rates further rateswhich is negative for gold, he said Edward Moyasenior market analyst at OANDA.
“I’m surprised we’re not seeing a big move lower in gold. “I think there is an awareness that geopolitical risks are not going away anytime soon,” she added.
Gold advanced 9% in the last two weeksfor the search of shelter by investors in the face of the possible consequences of conflict between Israel and Hamas. However, the prospects for a rate hike they mitigated the bullion’s rise.
In Europe, The ECB kept interest rates unchangedas expected, ending an unprecedented streak of 10 consecutive rises.
In other precious metals, the silver spot fell 0.4% to $22.79 an ounce; he platinum It was trading stable at $902.74; and the palladium rose 0.8% to $1,134.86.
Source: Ambito
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