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Is It Time to Rethink Your Gold Allocation?
Postet: 06.09.2024
Rethinking 60/40 portfolio — Could Bank of America’s recent note to investors send hundreds of billions of dollars into the precious metals market?
SAXO Bank: Can Gold Overcome the ‘September Curse’?
Postet: 06.09.2024
Gold is trading near $2,500, attempting to overcome its historical tendency to decline in September, a pattern that's happened in 9 out of the last 10 years. Despite a recent dip to $2,470, gold has rebounded, buoyed by global economic slowdown concerns. This economic climate has increased risks for growth-dependent assets while simultaneously raising expectations for more aggressive interest rate cuts from the Federal Reserve, whose next meeting is scheduled for September 18. These factors are contributing to gold's resilience against its typical September weakness.
Stocks Head For Worst Week Since March 2023
Postet: 06.09.2024
The stock market is experiencing its worst weekly decline since March 2023, with the S&P 500 and Nasdaq falling sharply following a disappointing August jobs report. The labor market data showed fewer job additions than expected and downward revisions for previous months, raising concerns about economic cooling. This has led to increased volatility in both stock and bond markets as investors reassess their expectations for Federal Reserve rate cuts. While the unemployment rate slightly decreased, the overall jobs report has intensified debates about the pace of economic slowdown and the Fed's potential response.
August jobs report: Unemployment rate falls to 4.2%, labor market adds 142,000 jobs
Postet: 06.09.2024
The US economy added 142,000 nonfarm payroll jobs in August, falling short of the 165,000 expected by economists. However, this was higher than July's revised figure of 89,000 jobs. The unemployment rate decreased to 4.2% from 4.3% in July. Wage growth increased to 3.8% year-over-year, up from 3.6% in July, with a monthly increase of 0.4%. While the job additions were lower than anticipated, some economists view the report as consistent with a "soft landing" rather than a recession.
Gold Prices Poised for Weekly Gain Ahead of Fed Decision Catalyst
Postet: 06.09.2024
Gold prices are holding steady above $2,500 per ounce as investors eagerly await US economic data, particularly the payrolls report, which could significantly influence the Federal Reserve's decision on interest rate cuts this month. Recent weak job market data has increased expectations for rate cuts, typically beneficial for gold as a non-interest-bearing asset. The precious metal has seen a substantial 20% rise this year, driven by rate cut optimism, strong over-the-counter purchases, and geopolitical tensions, with prices reaching a record high in August.
Election Jitters Keep Metals Market in Check, Says Citigroup
Postet: 06.09.2024
The upcoming US presidential election is creating uncertainty in the metals market, potentially limiting price gains until after November. Citigroup analysts suggest that factors like Federal Reserve rate cuts, China's economic policies, and global manufacturing sentiment will have a more positive impact on metals prices in late 2024 or early 2025, once the election is over. The election's outcome could affect global risk appetite and influence China's stimulus decisions, which are crucial for metals demand.
World Gold Council: Gold's Shines August Rally Continues
Postet: 05.09.2024
Gold prices continued their upward trajectory in August, reaching a new all-time high before settling at $2,513/oz, a 3.6% increase for the month. This rise was primarily driven by a weaker US dollar and lower Treasury yields as the Federal Reserve hinted at potential rate cuts. Additionally, India's reduction in gold import duties boosted demand, while global gold ETFs saw continued inflows, particularly from Western funds. However, China's economic slowdown may impact consumer gold demand, contrasting with the positive trends seen in other markets.
Oaktree's Marks Forecasts 3-4% 'New Normal' for US Interest Rates
Postet: 05.09.2024
Howard Marks, co-chairman of Oaktree Capital Management, predicts that US interest rates will stabilize between 3% and 4% after the Federal Reserve's upcoming rate cuts. Speaking at a conference in Melbourne, Marks suggests that while the Fed will reduce rates from their current "emergency" levels, they won't return to the near-zero rates seen in recent years. He believes the inflation emergency is over, but cautions that economic growth may slow and profit margins could erode as the economy returns to a more normal state, characterized by a mix of good and bad times.
Gold Maintains Momentum Ahead of US Employment Data
Postet: 05.09.2024
Gold prices are holding steady as investors analyze recent US labor market data and await the crucial August payrolls report. The precious metal's gains are supported by signs of a cooling job market, which could influence the Federal Reserve's decision to cut interest rates. Gold has surged over 20% this year due to expectations of monetary easing, strong over-the-counter demand, and geopolitical tensions. The upcoming jobs report is expected to provide further insight into the US economy and potentially impact gold's trajectory.
How China's Youth Are Reviving the Precious Metal Market
Postet: 05.09.2024
China's young consumers are increasingly turning to gold jewelry as both a fashion statement and an investment. This trend is driven by a combination of factors, including rising gold prices, cultural resonance with traditional Chinese designs, and the perception of gold as a stable store of value. Many young buyers are attracted to gold jewelry that incorporates ancient crafting techniques and cultural elements, reflecting a broader "China chic" trend. Additionally, gold is seen as a hedge against inflation and a safer investment option compared to other assets like real estate or stocks in the current economic climate.