Gold touched a new high Thursday as the Fed's move to cut interest rates continued to boost the commodity's demand.
) jumped to a new high of $2,706 per ounce during Thursday's session, giving credence to bulls who claim the precious metal rally isn’t over.Year-to-date, gold is up more than 30%, beating out the S&P 500’s gain of 22% and making it one of the best performing commodities of 2024.
"On the investor side, demand from the private investors here in the US specifically is no where near the capacity," said Alex Ebkarian, COO and co-founder ofGoldman Sachs analysts recently pointed out in a note that the gold market hasn't fully priced in increased investments into Western physically gold backed ETFs, a move which tends to be gradual.
A U.N. official said Thursday that he is “alarmed” by escalating violence in Syria’s opposition-held northwest in recent days, including airstrikes that hit near a food distribution site for displaced families and others that struck a power station and disabled water stations. The U.N.
Investors are scaling back their expectations for Federal Reserve rate cuts as strong retail sales figures and initial jobless claims data boosted market sentiment. These indicators suggest robust economic health, diminishing what some see as the need for imminent Fed rate cuts. On the earnings front, Netflix prepares to release its third quarter results after the closing bell. Yahoo Finance trending tickers include Nvidia , Lucid Group , and Elevance Health, Inc. . Key guests include:3:05 p.m.
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