Gold price is stable after dollar discount
Hello dear colleagues, what do you think today's closing price for gold will be?
Last night, gold dipped despite a significant drop in the USD. Normally, a weaker USD supports a rise in gold prices. However, the last session defied market norms with the USD decline attributed to forecasts showing a drop in U.S. durable goods orders from 0% last month to -4.7% for January, and core durable goods orders from 0.6% to 0.2%.
Despite gloomy economic forecasts, stock markets are surprisingly upbeat. Globally, U.S. and Japanese stocks have been setting new records early this year. With a 7% increase since the end of 2023, money is moving from traditional safe havens like gold to stocks, potentially setting the stage for a rebound in gold prices.
Last night, gold dipped despite a significant drop in the USD. Normally, a weaker USD supports a rise in gold prices. However, the last session defied market norms with the USD decline attributed to forecasts showing a drop in U.S. durable goods orders from 0% last month to -4.7% for January, and core durable goods orders from 0.6% to 0.2%.
Despite gloomy economic forecasts, stock markets are surprisingly upbeat. Globally, U.S. and Japanese stocks have been setting new records early this year. With a 7% increase since the end of 2023, money is moving from traditional safe havens like gold to stocks, potentially setting the stage for a rebound in gold prices.
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