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Here is the XAUUSD news update for today, March 5, 2024. Gold prices (XAU/USD) attracted new buyers after dropping to $2,110 on Tuesday. Concerns over geopolitical tensions and China's economic slowdown have made gold a safe-haven asset.
The US Dollar (USD) struggled to attract interest due to expectations of a Fed rate cut. Traders are awaiting further signals from Jerome Powell's testimony. US data, including Friday’s NFP and Tuesday’s ISM Services PMI, will influence the dynamics of USD and gold prices during the North American session.
Key market movements today: Gold prices are supported by a combination of positive factors.
- Disappointing US economic data on Friday, along with less hawkish comments from Federal Reserve officials, reinforced speculation of a rate cut in June and pushed gold prices above $2,100 on Monday.
- The US Dollar remains defensive amid rising expectations of a Fed policy shift, which, along with geopolitical risks, benefits the safe-haven metal.
- Israel conducted its largest counter-terrorism operation in years in Ramallah, heightening risks of further tensions in the Middle East.
- Investors are waiting for the two-day testimony of Fed Chair Jerome Powell for further cues on interest rate policy, and key US economic data will help determine the next direction for XAU/USD.
- The week began with the release of the US ISM Services PMI on Tuesday, with the focus remaining on the highly anticipated US Nonfarm Payrolls (NFP) report on Friday.
- Chinese Premier Li Qiang delivered the opening speech at the National People's Congress (NPC) on Tuesday, stating that the foundation of economic recovery remains unstable.
- Reuters reported that China targets GDP growth of around 5% in 2024, but this did not boost investor confidence or significantly impact XAU/USD.
Warning!
This news regarding “XAUUSD Today: March 5, 2024 - Semangat 45! Gold Attracts Buyer Interest” is based on fundamental and technical analysis from trusted sources and is not intended as advice or a recommendation. Always remember that this content aims to enrich readers’ information. Always conduct your own research on other forex information to be used as a reference in your trading.
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