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| Gold Price Today, Wednesday, April 3, 2024 |
Today, the price of gold is at $2250 per ounce, with today's gold prices reaching a historic level of $2266 per ounce for the first time in history.
the index of the article:
- Gold Price Forecast for Today
- Important Economic News Influencing Gold Prices on Wednesday, April 3, 2024
- Weekly Analysis of Gold for Wednesday, April 3, 2024
1.Gold Price Forecast for Today:
Gold prices are currently experiencing a continuous upward trend, and it is expected that this upward trend will continue until the end of 2024 due to gold being considered a safe haven for economic crises, especially since gold has achieved strong gains at the beginning of 2024.
2.Important Economic News Influencing Gold Prices on Wednesday, April 3, 2024:
CPI - The Consumer Price Index determines the inflation rate (i.e., the rate of change in prices of major products on the European level) from the consumers' perspective when purchasing goods and services.
The upward trend has a positive impact on the Euro currency. The Consumer Price Index is one of the most monitored indicators by currency traders and is considered a fundamental indicator for determining financial inflation and buying trends in the Eurozone. It affects most currencies in the European Union and globally, even affecting the USD/Gold pair. The release of the Consumer Price Index news on Wednesday, April 3, is expected to have a strong impact on gold prices.
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| Gold Price Today, Wednesday, April 3, 2024 |
The primary goal pursued by the European Central Bank is to achieve price stability in the most consumed basic products in the European Union countries. Therefore, when the Central Bank wants to combat financial inflation, its reaction is to raise interest rates to help lower prices. High interest rates attract foreign investment, thus increasing demand for the country's currency. This will also affect most pairs in the forex market and other closely related markets to the European Union, such as the gold market and other commodities like oil and gas.
3.Weekly Analysis of Gold for Wednesday, April 3, 2024:
As shown in the chart below, gold prices continue to move in a strong upward trend in all time frames, whether daily, hourly, or weekly. There are currently no resistance levels for gold, as gold prices are hitting historical record numbers never seen before. Therefore, any correction in gold prices would be a strong opportunity to buy gold or invest in gold prices in the long and medium term.
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