Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Gold nears record high of $2,483.74 on Fed rate cut hopes and Middle East tensions.
Gold futures reached a fresh record on Friday as investors looked to the safety of the yellow metal on concerns about the U.S. economy and corporate health.
Gold climbs to $2,460, fueled by the Federal Reserve's dovish stance and rising geopolitical tensions in the Middle East.
Gold reached 2,462 but faced resistance; a deeper pullback to 2,407 or 2,362 is possible before testing the record high of 2,484.
Gold prices have rallied to fresh record highs three times in less than three weeks, topping $2,500 an ounce at their peak, with the potential to rise even further as the precious metal's distinction as a “protective asset” continues to take hold.
Jordan Finneseth is a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market.
Gold pulled back below the $2440 level after an unsuccessful attempt to settle above $2460.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
According to the report, companies show an unwillingness to invest in capital and inventory due to current federal monetary policy.
The gold market continues to see a lot of upward momentum over the long term, as we have multiple reasons to think that we are going to see more upward pressures. This is a market that I think is getting close to making a fresh, new, high.