Impact of Key Economic Events on Gold Prices in the Upcoming Week (January 20-26, 2024)
As investors closely monitor global economic indicators, the week starting January 20, 2024, promises to be crucial for the gold market. Various economic events and releases are poised to influence gold prices, providing valuable insights for traders and stakeholders. Let's delve into the significant economic events scheduled for the upcoming week and assess their potential impact on the price of gold.
Cost of Gold Today
| Live Gold Price | Gold Spot Price Today |
|---|---|
| Gold Price per Gram | $65.26 |
| Gold Price per Kilo | $65,256 |
| Gold Price per Ounce(28.34 g) | $2,029.69 |
Gold Price Today : Convert Gold Ounce to US Dollar Or vice versa
Gold price chart in U.S. Dollar per ounce, Live gold price chart
Impact of Key Economic Events on Gold Prices in the Upcoming Week (January 20-26, 2024)
Tuesday, January 23:
Richmond Manufacturing Index (USD):
The Richmond Manufacturing Index reflects the economic health of the manufacturing sector in the Richmond Federal Reserve district.
A positive index may suggest economic expansion, potentially leading to decreased demand for safe-haven assets like gold price. Conversely, a negative reading might indicate economic challenges, boosting gold's appeal.
Wednesday, January 24:
BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate (CAD):
The Bank of Canada's (BOC) Monetary Policy Report and Rate Statement can significantly impact the Canadian Dollar (CAD) and, consequently, gold price.
A hawkish stance, signaling potential interest rate hikes, may strengthen the CAD and exert downward pressure on gold prices.
Flash Manufacturing PMI, Flash Services PMI (USD):
Purchasing Managers' Index (PMI) data provides insights into the health of the manufacturing and services sectors in the United States.
Positive PMI figures may boost confidence in the U.S. economy, potentially diminishing gold's appeal as a safe haven.
BOC Press Conference (CAD):
The BOC Press Conference following the policy decisions can offer additional context and insights, potentially impacting the CAD and gold prices.
Thursday, January 25:
Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Core Durable Goods Orders m/m, Durable Goods Orders m/m, New Home Sales (USD):
These diverse indicators encompass crucial aspects of the U.S. economy.
Strong economic data may strengthen the USD, leading to lower demand for gold as an alternative investment.
Friday, January 26:
Core PCE Price Index m/m, Pending Home Sales m/m (USD):
The Core Personal Consumption Expenditures (PCE) Price Index is a key inflation indicator.
Higher inflation may boost gold's appeal as an inflation hedge. Pending Home Sales data can provide insights into the health of the housing market, influencing investor sentiment.
Economic Calendar Gold news
As the week unfolds, traders and investors in the gold market will closely watch these economic events, anticipating their impact on gold prices. It's crucial to consider the interplay of factors, including currency movements and broader market sentiment, to make informed decisions in response to the evolving economic landscape.
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