In a quiet holiday trading session on Monday, gold prices remained stable, benefiting from a slight decline in the U.S. dollar. Market participants were growing increasingly confident that the Federal Reserve had completed its series of interest rate hikes.
Spot gold was virtually unchanged at $1,939.61 per ounce as of 9:52 a.m. EDT (1352 GMT), following a recent peak of $1,952.79 reached on Friday.
U.S. gold futures saw a marginal 0.1% dip, falling to $1,965.70. It's worth noting that most U.S. markets were closed in observance of the Labor Day holiday.
Following a rise in the U.S. unemployment rate and moderate wage growth, traders began to speculate on Friday that the Federal Reserve was likely finished with its interest rate increases. This contributed to a 0.2% easing of the dollar index, enhancing the appeal of dollar-denominated gold for holders of other currencies.
GOLD
BUY 1936 1934 🔼🔼
✅TP1: 1940
✅TP2: 1950
🚫SL: 1930
Spot gold was virtually unchanged at $1,939.61 per ounce as of 9:52 a.m. EDT (1352 GMT), following a recent peak of $1,952.79 reached on Friday.
U.S. gold futures saw a marginal 0.1% dip, falling to $1,965.70. It's worth noting that most U.S. markets were closed in observance of the Labor Day holiday.
Following a rise in the U.S. unemployment rate and moderate wage growth, traders began to speculate on Friday that the Federal Reserve was likely finished with its interest rate increases. This contributed to a 0.2% easing of the dollar index, enhancing the appeal of dollar-denominated gold for holders of other currencies.
GOLD
BUY 1936 1934 🔼🔼 ✅TP1: 1940
✅TP2: 1950
🚫SL: 1930
