The price of gold remains resilient above $2,630, supported by geopolitical tensions and a strong interest in safe-haven assets. Nonetheless, expectations of a slowdown in interest rate cuts by the Federal Reserve could limit further price increases for gold.
सोना
Gold has consistently maintained a positive trend, trading steadily above $2,630 at the onset of the Asian session on Thursday (January 2, 2024). Rising geopolitical tensions, central bank purchasing activities, and the influx of investments into safe haven assets are primary drivers keeping interest in this precious metal elevated. This situation reflects investor concerns regarding global stability, often leading them to seek refuge in gold.
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However, the belief that the Federal Reserve may decelerate the pace of interest rate reductions in the upcoming year could serve as a factor that prevents potential price surges for gold. With higher interest rates, the opportunity cost of holding gold without dividends also rises, diminishing its allure for some investors.
The combination of these diverse market sentiments creates a price dynamic for gold that is likely to persist through today.
तेल
Oil prices have risen for four consecutive days, trading above $71.50 per barrel during the Asian session on Thursday. The increase is driven by data indicating expansion in China’s manufacturing sector in December, boosting the outlook for global oil demand.
Additionally, oil prices are supported by predictions that U.S. crude oil inventories fell by approximately 3 million barrels last week, according to Reuters. However, weak long-term demand prospects continue to pressure prices. In the short term, oil prices might continue to rise due to optimism surrounding demand from China.
यूरोयूएसडी
EURUSD is experiencing selling pressure as the European Central Bank (ECB) adopts a dovish stance regarding interest rate policy for 2025. It is projected that the ECB will lower the deposit facility rate to 2% by June 2025, a level considered neutral. This stance reflects the ECB’s focus on fostering economic growth amid global uncertainties, even as it weighs on the euro’s exchange rate against other currencies.
Meanwhile, the U.S. Dollar Index continues to strengthen, reaching its highest levels in several years. This rise is fueled by the Federal Reserve’s hawkish policies, indicating a slower potential for interest rate cuts compared to market expectations. With the ECB’s dovish approach contrasting with the Fed’s tighter stance, the appeal of the U.S. dollar has increased, placing downward pressure on the EURUSD currency pair.
जीबीपीयूएसडी
GBPUSD is also grappling with selling pressure as the European trading session approaches, largely due to global factors. Projections from Federal Reserve officials suggest only two rate cuts of a quarter point each before the end of 2025, supporting the U.S. dollar’s strength against the British pound.
Additionally, the dovish stance of the Bank of England (BoE) is weighing on GBP movements. The cautious policy approach may restrain any potential rebound for the pound. Furthermore, the looming threat of tariffs that Donald Trump might implement adds an extra layer of negative sentiment, potentially pushing GBPUSD lower.
यूएसडीजेपीवाई
USDJPY opened higher, reaching a daily peak of 157.777 during the Asian session on Thursday, propelled by the U.S. dollar’s strength amid speculation that the Federal Reserve will adopt a more cautious approach to interest rate cuts this year. The Fed’s hawkish stance has provided robust support for the dollar, with global uncertainties continuing to drive demand for safe assets like the USD.
On the flip side, comments from Bank of Japan (BoJ) Governor Kazuo Ueda about optimism towards meeting inflation targets offer slight support for the Japanese yen. However, the divergence in policy approaches between the Fed and BoJ remains a crucial factor maintaining the upward trend in USDJPY.
नैस्डैक
The Nasdaq managed to rebound when trading commenced on Tuesday, following a sharp decline due to profit-taking ahead of the year-end, particularly with major technology stocks like Apple and Microsoft experiencing drops. This downturn was triggered by rising U.S. bond yields, which redirected investor interest towards safer assets and created uncertainty surrounding the Fed’s interest rate policy for 2025.
U.S. bond yields dropped by approximately 2%, exacerbating pressures on tech stocks. Investors tend to pivot towards bonds perceived as more stable, while the Fed’s monetary policy outlook also significantly impacts market sentiment.
