Gold prices reach all-time highs due to global economic concerns and demand for safe-haven assets.

From Investing.com: 2024-10-18 04:25:00

Gold prices reached all-time highs on Thursday as expectations for more accommodative monetary policy from major central banks and a decline in US bond yields supported demand for non-yielding bullion. XAU/USD hit absolute peaks above $2,700, with analysts predicting a surge to $2,726 to $2,741 per ounce. China’s economic woes and geopolitical tensions have also boosted gold popularity worldwide, especially among developing economies. The upcoming BRICS Summit, focusing on de-dollarisation, could further influence gold prices.

Euro lost ground against the US dollar after better-than-expected US economic data caused the greenback to soar. EUR/USD may face further pressure as the Dollar Index approaches a notable moving average. The ECB’s latest rate cut added to bearish conditions for euro. Meanwhile, positive economic data from China pushed the euro slightly higher during trading sessions. Investors should closely monitor the upcoming US Building Permits report and FOMC Member Christopher Waller’s speech for potential market impact on USD and related pairs.

Bitcoin remained stable above $66,800, sparking excitement among investors as Bitcoin ETFs experienced significant buying activity. The strong institutional demand indicates growing confidence in Bitcoin’s future and could lead to new all-time highs. However, market observers caution that heightened excitement may precede price corrections or consolidation periods. Bitcoin’s upcoming price movements will be crucial in determining its direction, as traders wait to see if BTC breaks out to historic highs or experiences a pullback. Investors are advised to monitor BTC ETF flows for market insights and trends.



Read more at Investing.com: Gold Prices Hit All-Time Highs; Euro Continues to Struggle Against the US Dollar