Gold price today, November 8: Reversing to go up

Nov 8

Gold prices jumped today as the US Federal Reserve (FED) cut interest rates by 0.25% as the market had predicted. Accordingly, the US base interest rate fell to 4.5-4.75%. This is the second time in 2024 that the FED has cut interest rates to reduce inflation to the 2% target and boost economic growth.

Lower interest rates have put pressure on the value of the USD and bond yields to fall, after rising sharply on November 7 - the time Donald Trump was elected US President. Since then, gold prices have become attractive to investors.

Bloomberg news agency reported that central banks around the world are concerned that Mr. Trump's policies could lead to slower global economic growth and higher inflation.

Analysts say that in the long term, the world gold price will continue to heat up because President Donald Trump intends to impose high import taxes. At that time, the price of goods in the US will increase, affecting inflation, causing the USD to depreciate, pushing the price of gold up.

🔥 XAUUSD BUY 2683 - 2681🔥

✅TP1: 2690
✅TP2: 2700
✅TP3: OPEN

🚫SL: 2675