In response to this move, gold miners, tracked through the VanEck Gold Miners ETF<\/strong> (NYSE:GDX), recorded a 9% increase this week, their best weekly performance in a year.<\/p>\n Chart: Gold Prices Mark Eight Consecutive Sessions of Gains, Longest Streak in 4 Years<\/strong><\/p>\n U.S. Economic Data, Powell’s Remarks Cement Rate Cut Bets<\/strong><\/p>\n <\/p>\n The gold rally began in late February following a Personal Consumption Expenditures (PCE) price index report that met expectations. The Federal Reserve’s preferred inflation indicator fell to a 2.4% annual rate in January, in line with forecasts and marking the lowest level since February 2021. <\/p>\n Weaker-than-expected reports on February manufacturing and services activity from the Institute for Supply Management (ISM) suggested the potential for a slowdown in U.S. economic growth in the first quarter of 2024 compared to the solid data observed in the second half of 2023.<\/p>\n Federal Reserve Chairman Jerome Powell’s<\/strong> testimony before a Senate committee this week hinted at a likely start of interest rate reductions “at some point this year,” emphasizing the central bank’s cautious approach toward achieving the 2% inflation target.<\/p>\n Market participants interpreted Powell’s remarks as a signal that continued disinflationary progress would provide the Federal Reserve with clearance to ease monetary policy.<\/p>\n Responding quickly, speculators increased their bets on interest rate cuts following Powell’s remarks, with implied market probabilities now projecting an 83% likelihood of a rate cut by June. In total, traders are considering four rate cuts by year-end. <\/p>\n <\/p>\n The latest February employment report revealed mixed results, with non-farm payrolls exceeding expectations (270,000 versus 200,000), but the unemployment rate unexpectedly rising from 3.7% to 3.9% and wage growth slowing more than anticipated.<\/p>\n These data sparked uncertainties in the stock market, keeping Treasury yields at monthly lows, fostering a favorable environment for gold.<\/p>\n Gold, tracked by the SPDR Gold Trust<\/strong> (NYSE:GLD), reached record levels this week, surpassing $2,150 per ounce and maintaining its momentum on Thursday and Friday.<\/p>\n Chart: Gold Miners Recover on Gold Price Surge, Marking Best Week in a Year<\/strong><\/p>\n Gold Outlook for 2024 Appears Bright<\/strong><\/p>\n <\/p>\n ING Groep commodities analyst Ewa Manthey<\/strong> highlighted favorable fundamentals for gold. The precious metal has maintained its position above the critical $2,000 per ounce threshold since December. <\/p>\n “Investor interest in the precious metal has finally returned, with the latest Comex data showing that fund managers have added new long positions, reflecting bullish sentiment in the gold market,” Manthey wrote.<\/p>\n Looking ahead, the analyst anticipates the addition of further long positions as gold prices rise due to declining U.S. interest rates.<\/p>\n ING’s forecasts predict that gold prices will increase this year, as safe-haven demand persists due to geopolitical uncertainties stemming from ongoing conflicts and the upcoming U.S. elections.<\/p>\n Read now: Gold Outshines AI-Driven Semiconductor Stocks: 7 Mining Stocks to Watch With the Metal at Record Levels<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Gold prices have extended their winning streak for the eighth consecutive session, surpassing the $2,170 per troy ounce threshold and reaching a new peak. The current gold rally represents its longest winning streak in nearly four years, dating back to July 2000, when it recorded nine consecutive sessions of gains. The surge in gold prices has been supported by the … Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":7003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-senza-categoria"],"_links":{"self":[{"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/posts\/7002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/comments?post=7002"}],"version-history":[{"count":0,"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/posts\/7002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/media\/7003"}],"wp:attachment":[{"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/media?parent=7002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/categories?post=7002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorofemet.it\/en\/wp-json\/wp\/v2\/tags?post=7002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/editorial-assets.benzinga.com\/wp-content\/uploads\/2024\/03\/08162459\/image-24-1024x495.png\")
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