Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday.
Gold price appreciates on market bias towards rate cuts possibility by major central banks in 2024. Investors expect three rate cuts from the US Federal Reserve in the coming months. Investors await the US PCE report to gain additional insight into the Fed’s interest rates trajectory. However, trading volumes are light as market participants are likely observing Good Friday.
In Europe, the Swiss National Bank unexpectedly cut rates at its March meeting, sparking speculation that other major central banks might take similar actions. Meanwhile, although the Bank of Japan ceased its negative rate policy, it is anticipated to maintain an accommodative stance for the foreseeable future. The United Nations Security Council passed a resolution urging a ceasefire between Israel and Hamas, along with the release of hostages.
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