Gold is heading towards higher levels

Gold is heading towards higher levels

Gold is heading towards higher levels  amid increased expectations of an imminent interest rate cut.

 it stabilized above $2120 on Tuesday, reinforcing its recent gains after settling at a record high level in the previous session.

 

 

Topic
Gold
Bitcoin
dollar 

 

 

 

 

 

 

Gold 

These movements come as the yields of the dollar and treasury bonds declined due to weak U.S. economic data. Additionally, strong expectations suggest that the U.S. Federal Reserve will turn to interest rate cuts this year. Analysts also point out that precious metals act as a hedge against increasing recession risks in advanced economies and the growing uncertainty surrounding the U.S. elections this year. Investors are now looking for more U.S. economic indicators this week, with the monthly jobs report on Friday being a key focus. Federal Reserve Chairman Jerome Powell is also set to appear before the U.S. Congress on Wednesday and Thursday.

 

Bitcoin 

Bitcoin is approaching its all-time high as its market value reaches a record level. The cryptocurrency’s market capitalization has already reached a historic high, and its price is on the verge of reaching its all-time high. Crypto enthusiasts are eagerly anticipating the cryptocurrency market to break unprecedented records.

The market capitalization of Bitcoin reached $1.35 trillion, surpassing the previous record of $1.28 trillion set in November 2021 when the cryptocurrency surged to $68,991.85 during the peak of the pandemic, according to data from CoinGecko. The increased supply of Bitcoin since then has raised its market value to a new level amid the recent surge in the oldest cryptocurrency.

 

dollar 

The dollar maintains its declines as markets await more data and Federal Reserve comments. The dollar index fell below 104 on Tuesday, retaining its recent decline as traders look for more U.S. economic data and Federal Reserve comments this week to better guide interest rate expectations. Later today, U.S. services activity and factory orders data are scheduled to be released, while the monthly jobs report will be issued on Friday. Federal Reserve Chairman Jerome Powell is also set to appear before the U.S. Congress on Wednesday and Thursday.

Last week, ISM data showed that the U.S. manufacturing sector contracted for the sixteenth consecutive month in February, at a faster pace than expected. Meanwhile, the final reading of consumer confidence in Michigan for February revealed morale weaker than anticipated, with deteriorating expectations and current conditions.

 

 

Gold is heading towards higher levels