Gold's recent story
15:36, 7 October 2024
Last week, we explored the key price drivers of gold, and how they impacted the price of the precious metal this year and last. Now, we’ll bring these factors to life in a chart, showing you ten instances the gold price responded to critical fundamental events, including central bank policies, global economic data, and geopolitical events.
Sources: Reuters, Bloomberg, APast performance is not a reliable indicator of future results.
This week’s events:
Event: FOMC meeting minutes: 9 October, 6:00pm UTC
Why it matters for gold: FOMC minutes provide insights into the Federal Reserve’s outlook on interest rates, inflation, and economic growth, all of which influence the demand for gold as a safe-haven asset and hedge against currency devaluation.
Event: US consumer price index: 10 October, 12:30pm UTC
Why it matters for gold: Higher-than-expected inflation can potentially drive demand for gold as a hedge, while lower figures might reduce its appeal.
Event: FOMC meeting minutes: 9 October, 6:00pm UTC
Why it matters for gold: FOMC minutes provide insights into the Federal Reserve’s outlook on interest rates, inflation, and economic growth, all of which influence the demand for gold as a safe-haven asset and hedge against currency devaluation.
Event: US consumer price index: 10 October, 12:30pm UTC
Why it matters for gold: Higher-than-expected inflation can potentially drive demand for gold as a hedge, while lower figures might reduce its appeal.