gold price been bouncing around for the last 10 days or so... cut, no cut, cut, no cut...


tonight might see the end of this uncertainty:

At the conclusion of Fed’s two-day meeting later on Wednesday, expectations are that the U.S. central bank will hold rates steady and policymakers will lay the groundwork for a September rate cut.

“The market wants to hear a confirmation that a September cut is on the cards and it will be the beginning of a policy easing cycle. Gold will rally if the Fed language indicates that multiple cuts are coming,” said Kyle Rodda, a financial market analyst at Capital.com.
https://www.cnbc.com/2024/07/31/gold-prices...ed-verdict.html



now $2416/RM358; CME futures $2456.

let's see tmr morning!

Other than Ringgit shooting up, another asset is also doing tje same (vs USD).

Gold futures already above USD2500 🥳

gold futures now at usd2516 but gains are being offset by the rapidly weakening usd to myr.....sigh

Yes DX-Y dropping so gold price is going up. Another thing to watch out for is the middle east which could cause prices to go higher.

Sometimes not losing money when others are losing is already a win bro..

it was quite chaotic yesterday, last night.


what made the RM strengthened 5% over a week or so has not been explained well, as far as i read.

exporters frantically bringing back their $ hoarded outside? is it done, has it overshot?

now that it is clear US fed will start cutting int rates, 50bps in sep, they say... +2 more cuts by yr end?

spot gold spiked to 2470; profit taking drove it back down to 2440.

add the specter of a wider conflict in middle east & major equity markets pointing to a serious slowdown.

give it a couple of weeks, let things settle down, then we know better.

imo, a matter of weeks if not days to hit a new record high.

$2500 isn't far away, aim for $3000!

RM... let's see if it can hold at 4.50 or dwindle back to 4.6.

Free falling

Ouch, just add-on some gold early month and now runtuh

time to buy loh

Monthly quota habis

Gold breaks to new high above $2,490 as investors continue to expect the Fed to cut interest rates in September.
Gold had pulled back earlier after the release of strong US retail sales data.
Lower US initial jobless claims brought more positive news about the US economy, helping to dispel recession fears.
The precious metal is probably unfolding a leg down within a sideways trend.

This probably caused gold price to spike tonight after declining last night:

On the economic front, both housing starts and building permits in the US fell to four-year lows in July, signaling that restrictive monetary policy may be having a larger impact on the outlook of housing supply.

$2496/oz, RM356/g.

RM appreciated 6% or so in the last month.

If exchange rate had stayed 4.70, itvwud be RM376.

Well, can't win all!

(Kitco News) – Gold prices hit new all-time highs in both spot and futures markets on Friday after weaker-than-expected U.S. housing data stoked worries that downside risks to growth are rapidly overshadowing the upside risks of inflation that have dominated the attention of investors and central banks for the last two years.

Spot gold first breached the $2,500 per ounce level shortly before 10 am EDT, just half an hour into the North American trading session and less than 90 minutes after the housing data was released.

After pulling back as low as $2,479 per ounce, the yellow metal began its steady march higher once again, and broke definitively above $2,500 just after 2:30 pm EDT.


At the time of writing, spot gold last traded at $2,509.42 for a gain of 2.15% on the session.

“Gold has been on an unstoppable run since October last year, surging from near the $1,800 level to score back-to-back all-time record highs – not once, not twice, but on multiple occasions this year,” wrote Phil Carr, Head of Trading at The Gold & Silver Club on FXEmpire. “The precious metal is up over 26% since mid-February. But here’s where it gets even better – Gold prices have now chalked up a whopping gain of more than 38% since October.”

Speculators boosted their net-bullish bets on Comex gold futures to a near four-year high in the week ended Aug 13, Commodity Futures Trading Commission data showed. Meanwhile, gold holdings in exchange-traded funds have risen in recent months following a couple of years of outflows, data compiled by Bloomberg showed.
https://theedgemalaysia.com/node/723180

U all selling the gold bought using touch n go ewallet app oredi?


Or continue to hold?

https://www.thestar.com.my/business/busines...-for-first-time

http://www.aastocks.com/en/mobile/news.asp...newssource=AAFN

<Commodity>Spot Gold Once Soars to Reach Record High US$2,520 Per Ounce

https://www.fxstreet.com/news/gold-price-co...et-202408200253

Gold price attracts fresh buyers on Tuesday and advances to a fresh all-time peak.
Fed rate cut bets drag the USD to a multi-month low and benefit the XAU/USD.
Geopolitical risks lend additional support as traders await more Fed rate-cut cues.
Gold price (XAU/USD) breaks out of its consolidative price move and jumps to a fresh record high, around the $2,522-$2,523 area during the first half of the European session on Tuesday. The US Dollar (USD) selling bias remains unabated for the third straight day amid growing acceptance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September. This, in turn, is seen as a key factor driving flows towards the non-yielding yellow metal.

This post has been edited by prophetjul: Aug 20 2024, 05:53 PM

The gold price is at an all-time high, but due to the exchange rate, it doesn’t benefit the local currency when converting to Ringgit.

When gold was at USD 2390, I sold it for RM 356 per gram with an exchange rate of USD 1:4.70 MYR.

Now, with gold at over USD 2500 and the exchange rate at USD 1:4.37 MYR, the buyback price is less than RM 350.

Time for a visit to Bullionstar soon

Quite right.

We wait for 2600, 2800... 3000!