Gold prices surged over 1% in yesterday’s trading session after the U.S. consumer confidence data fell unexpectedly in September to 98.7, marking the biggest drop since August 2021. The decline is attributable to concerns about the labour market. The percentage of consumers reporting a robust job market decreased for the seventh consecutive month to 30.9%, reaching its lowest point since March 2021. This sustained decline marks the longest such streak since the 2008 financial crisis. Conversely, the proportion of consumers indicating difficulty in finding employment increased to its highest level since early 2021
In response to the data, swap traders increased bets for more than three-quarters of a point of rate cuts by the year-end. Gold has risen nearly 30% so far this year, supported by strong haven demand sparked by geopolitical tensions, central bank purchases, and higher rate-cut expectations.
Gold is trading at $2,654.94, with support at $2,647 and $2,632. Gold prices in the UAE today are as follows:
24 Carat – AED 322.00
22 Carat – AED 298.00
21 Carat – AED 288.50
18 Carat – AED 247.25
- Cryptocurrency
Major cryptocurrencies saw modest gains on Wednesday, with Bitcoin, Solana, and Cardano leading the rise. The global cryptocurrency market cap edged up by 0.45% to $2.24 trillion over the last 24 hours. Bitcoin was trading 0.4% higher at Rs 63,824, while Ethereum dipped 0.9% to Rs 2,624. Earlier today, Bitcoin briefly touched Rs 64,800.
Bitcoin has shown remarkable resilience and growth, surging nearly 2% in the last 24 hours to reach approximately $64,300, a level not seen since early August. The global shift towards monetary easing, especially with China joining other major economies in loosening policies to counter economic slowdown, is largely responsible for this upward momentum.
This significant break above $64,000 may create a more bullish market structure for Bitcoin, improving investor confidence and possibly drawing in new institutional investors. China’s announcement of rate cuts is fueling bullish momentum in the crypto market.
BTC remains bullish, but with over $10 billion in high-leveraged short positions at the $72K liquidation level, we could see volatility and a possible rejection or pullback around that area. Notably, the upcoming US GDP quarterly data release tomorrow is a key event to watch for the week.
