Commodity Roundup: Gold trades cautiously around $2,500, oil edges up
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 05 2024
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Source: SeekingAlpha
Gold and Oil Market Trends: Gold prices increased as the U.S. dollar weakened, with spot gold rising to $2,516.05 an ounce. Oil prices also gained due to a drop in U.S. crude inventories, although demand concerns continue to limit gains.
Economic Indicators Impacting Markets: U.S. job openings fell to a 3-1/2-year low, indicating a slowing labor market, while analysts predict a potential rate cut by the Federal Reserve in 2024, which could further support gold prices amidst a challenging global economic outlook.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
