Gold price climbed more than 1% in the mid-North American session following solid economic data from the United States (US). Consumer spending was stronger than expected, which could prevent the US Federal Reserve (Fed) from cutting borrowing costs, which would be a tailwind for the golden metal. Nevertheless, physical demand for Gold and risk aversion might keep the precious metal at around current levels.
XAU/USD trades at $2,384 after hitting a daily low of $2,324. Investors remain concerned about possible Israeli retaliation following Iran’s missile and drone attack over the weekend. Even though the White House urged Israel against retaliation, Israel's military chief said, “There will be a response to Iranian missiles and drones launched toward Israeli territory.”
That might underpin safe-haven assets, including Gold and the US Dollar. It wouldn’t be strange if they moved in tandem.
Elsewhere, US Retail Sales in March were robust. What grabbed the headlines was that sales in the control group—used to calculate the Gross Domestic Product (GDP)—skyrocketed sharply, which could be a prelude to strong growth in the first quarter of 2024.
Following the data release, Gross Domestic Product (GDP) estimates for Q1 2024 show that the US economy is expected to grow 2.8%, up from 2.4% estimated on April 10, according to the Atlanta GDPNow model.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
