Gold price fell due to profit-taking, while EUR/USD decreased on US dollar strength

From Investing.com: 2024-10-24 03:11:00

Gold price fell by 1.24% due to profit-taking, retreating from record highs as the US dollar and bond yields surged. Fed officials hint at modest rate cuts, with a 90% chance of a 25-bps cut in November. BRICS summit discusses gold-backed currency, impacting XAU/USD. Traders await Manufacturing and Services PMIs for XAU/USD movement.

EUR/USD declined by 0.15% on USD strength, reaching a three-month low. Trump Presidency boosts US dollar, with ECB likely to cut rates by 25 bps in December. Positive eurozone economic news is scarce. S&P Global will release PMIs for key economies today, affecting EUR/USD movement.

Japanese yen gained 1.11% on political uncertainty before Japan’s general election. BOJ cautious on interest rate hikes to reach inflation target. Yen pressured by stronger US dollar, driven by Fed rate cut expectations and possible Trump win. USD/JPY experiences slight correction, with upcoming US Jobless Claims and PMI reports. Tokyo CPI report may impact USD/JPY movement.



Read more at Investing.com: Gold Recovers; EUR/USD Continues to Weaken Amid US Dollar Strength