Although high interest rates often limit the appeal of owning gold, a non-interest bearing asset, the precious metal has ignored these factors so far this month, showing notable resilience.
Gold continues its impressive bullish streak, reaching all-time highs for the eighth consecutive session this Tuesday. The spot metal registers an increase of 1.1%, reaching $2,363.42 ounce, after hitting an unprecedented high of $2,365.09.
Ole Hansen of Saxo Bank noted that “andStrong underlying momentum and buying on dips remain the predominant strategy among tradersHe further added that “geopolitical risks related to Russia/Ukraine and the Middle East continue to support, and the focus is shifting from the negative impact of expectations of interest rate cuts towards persistent higher inflation.”
Gold: what data the market expects
The market expectantly awaits the minutes of the Federal Reserve’s monetary policy meeting and US inflation data due on Wednesdaylooking for new signals about the future path of interest rates.
gold
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Although high interest rates often limit the appeal of owning gold, a non-interest bearing asset, The precious metal has ignored these factors so far this monthshowing notable resistance.
As for other precious metals, spot silver rose 1% to $28.11 per ounce, after hitting $28.15, its highest level since June 2021. Platinum showed an improvement of 2.3%, reaching $980.9, while palladium advanced 1.7%, reaching $1,060.75.
Source: Ambito
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