Your morning Gold Update: Tuesday 24th October 2023

Good morning! Here's your daily dose of gold updates to kickstart your day! 🌅

• After a dip to $1,960/toz yesterday, gold bounced back, pushing past $1,970/toz today. However, the $1,980 mark proved elusive due to Monday's quiet market conditions.
• Gold touched its 5-month peak, with dropping Treasury yields playing a pivotal role.
• In a significant development, Bill Ackman of Pershing Square made a strategic move. He revealed his decision to end his short against long-term Treasurys, primarily influenced by economic uncertainties. 📉
• He also prdicts that investors will pivot to bonds as a protective strategy, given the mounting global political tensions. 🔒

• Another factor bolstering gold's position is the escalating Israel-Hamas conflict, raising concerns about a potential expansion of the regional strife. 🌍
• The continued Israeli military operations in Gaza and confrontations with Hamas underscore the gravity of the situation.

🗓 Coming Up This Week:

Tomorrow, Wednesday 25th October 2023:

• Fed Chair Powell's Speech at the 2023 Moynihan Lecture in Social Science and Public Policy, Washington, D.C. 🎙
  • Impact on Gold: Powell's statements could influence market sentiment. Hawkish remarks might push gold prices down, while dovish comments could provide a boost.

Thursday, 26th October 2023:

• US Durable Goods Orders MoM at 13:30 UK time. 📊
  • Impact on Gold: A higher-than-expected reading can be bearish for gold, while a lower-than-expected reading can be bullish.
• US GDP Growth Rate QoQ Adv. 📈
  • Impact on Gold: Strong GDP growth may dampen gold's allure as an investment, whereas weaker growth could heighten its appeal.

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DISCLAIMER: Please, note that the information provided in this personal post is a summary of news about gold, aggregated from multiple online sources. It is intended for informational purposes only and should not be construed as investment advice. Always consult with a qualified financial advisor before making any investment decisions.