After two days of declines, the price of gold
stabilised on Friday, rising by 0.23%. It did,
however, see a weekly loss of almost 3%, which
was the biggest since December 2023. The
impact of the better-than-expected US Durable
Goods Orders data decreased because the
number from the previous month was revised
downward, which encouraged gold purchasing
After hitting a daily low of $2,325 earlier today,
the XAU/USD is now trading at $2,332. Prior to
the weekend, gold dealers responded as US
business activity increased, decreasing the
possibility of a Federal Reserve (Fed) rate cut.
Fed funds rate futures now only project a 25
basis point reduction in interest rates in 2024.

Although sales volume is declining, the price of
gold is correcting downward. There is a pause
in both politics and the economy, which means
that gold prices will mostly move sideways
between $2300 and $2360 this week.