GOLD STEADY AMID FED RATE CUT EXPECTATIONS AND GEOPOLITICAL RISKS

Published on Oct 17, 2024 14:14

Gold traded near $2,665 per ounce on Wednesday, steadying after Tuesday`s gains, as investors awaited key signals on the Federal Reserve`s policy direction. The metal benefited from a dip in the US dollar, triggered by disappointing manufacturing data. The NY Empire State Manufacturing Index fell to its lowest in five months, signaling a contraction in New York`s business activity after showing growth in September. Looking ahead, US retail sales data set for release on Thursday and a speech by Fed Governor Waller on Friday are expected to offer further market insights. Meanwhile, geopolitical tensions in the Middle East continue to provide upward support for gold.