Inflation data in GDP figures is moderate; gold prices remain on an upward trend
On Friday, October 27, spot gold maintained a slight upward trend. The price opened at $1984.67 per ounce, reaching a high of $1988.79 per ounce and a low of $1982.58 per ounce. At the time of publication, the price was $1987.54 per ounce, up 0.18%. The significant rebound in the US third-quarter GDP data improved investor risk appetite, but it may also provide the Federal Reserve with more room to maneuver, keeping interest rates higher for a longer period. The third-quarter GDP data showed an overall year-on-year growth of 4.9%, slightly stronger than the expected 4.7% and compared to 2.1% growth in the second quarter. However, the inflation data within the GDP figures was moderate, which somewhat mitigated the negative impact of the strong overall data on precious metal prices. Nevertheless, the situation in the Middle East remains a concern for investors, and risk aversion persists in the market, keeping gold prices rising. Key focuses for October 27 include: the US September personal consumption expenditure monthly rate, the US September core PCE price index year-on-year and monthly rate, and the final US October University of Michigan consumer sentiment index. Gold currently maintains a high-level range-bound fluctuation in the daily chart, with the retracement in the daily chart showing neither significant strength nor duration. In the 4-hour chart, short-term moving averages are currently mostly flat and clustered. After retracing the previous support levels, the price has shown a slight upward movement, maintaining a short-term bullish bias. The hourly chart shows a very narrow range; short-term adjustments and corrections should be monitored.
Time:
2023-10-27 14:02
On Friday, October 27, spot gold maintained a slight upward trend. The price opened at $1984.67 per ounce, reaching a high of $1988.79 per ounce and a low of $1982.58 per ounce. At the time of publication, the price was $1987.54 per ounce, up 0.18%.
The significant rebound in the US third-quarter GDP data improved investor risk appetite, but it may also give the Federal Reserve more room to maneuver, keeping interest rates higher for a longer period. The third-quarter GDP data showed overall year-on-year growth of 4.9%, slightly stronger than the expected 4.7% and compared to 2.1% growth in the second quarter. However, the inflation data within the GDP figures was moderate, which somewhat mitigated the negative impact of the better-than-expected overall data on precious metal prices. Nevertheless, the situation in the Middle East remains a concern for investors, and risk aversion persists in the market, keeping gold prices rising. On October 27, key data points to watch include: the US September personal spending month-on-month rate, the US September core PCE price index year-on-year and month-on-month rates, and the final reading of the University of Michigan's consumer sentiment index for October.
Gold currently maintains a high-level range-bound fluctuation in the daily chart, with the retracement in the daily chart showing neither significant strength nor duration. In the 4-hour chart, short-term moving averages are currently mostly flat and clustered. After retracing the previous support level, the price has shown a slight upward movement, and the short-term trend remains slightly bullish. The hourly chart shows a very narrow range; we will need to watch for short-term adjustments and corrections.
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Although gold prices rose this week, market volatility has clearly increased. While the US-UK agreement is symbolic, its content is limited and insufficient to alleviate concerns about a global economic slowdown. Therefore, gold prices will continue to fluctuate between safe havens and policy signals, closely monitoring the Federal Reserve's interest rate expectations and global trade sentiment.