International Gold (XAUUSD) News
Gold Prices Surge as Dollar Weakens
International gold prices surged on Friday, hitting a one-month high as the US dollar weakened on expectations of a slower pace of interest rate hikes by the Federal Reserve.
Fed Minutes Signal Caution
The minutes of the Fed’s January meeting released on Wednesday suggested that the central bank is becoming more cautious about raising rates further. This has sparked a rally in risk assets, including gold.
Central Bank Demand Strong
Central banks have been major buyers of gold in recent months. In the third quarter of 2022, central banks added 400 tons to their reserves, the highest level since 2018. This strong demand has helped support gold prices.
Economic Uncertainty Boosts Appeal
Ongoing economic uncertainty has also boosted the appeal of gold as a safe haven asset. The World Economic Forum’s Global Risks Report 2023 identified economic stagnation, geopolitical tensions, and climate change as key risks to the global economy.
Technical Outlook
Technically, gold broke above its 200-day moving average on Thursday, signaling a potential bullish trend. The metal is now facing resistance at $1,950 an ounce. A break above this level could open the way to further gains.
Outlook
Analysts say that the outlook for gold remains positive in the short term. The Fed’s cautious stance on interest rates and ongoing economic uncertainty are likely to support prices. However, rising inflation and a flight to safety in the dollar could limit upside potential.
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