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Stronger USD and weaker Chinese demand drag gold, but rally to resume in Q4 – ING’s Manthey
Gold prices are facing new headwinds from a stronger U.S. dollar and weaker Chinese demand, but the yellow metal will resume its rally once the Fed begins cutting rates, according to Ewa Manthey, Commodities Strategist at ING. Manthey noted that gold prices have already fallen by 5% from the new all-time high above $2,450 set in May following the release of a strong U.S. jobs report and the news that China’s central bank bought no gold last month. The employment data boosted the U.S. dollar index even as the Chinese data dragged gold prices lower. “Gold has risen almost 12% year-to-date, mostly amid optimism for ... (full story)
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From treasurydirect.gov|Jun 11, 2024table
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- Posted: Jun 11, 2024 1:38pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 249
