Daily digest market movers: Gold price stays firm amid high US yields

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  • Missile strikes between Israel and Hezbollah underpin Gold prices.
  • The US Gross Domestic Product (GDP) for Q2 in its final reading was 3%, exceeding estimates of 2.9%.
  • US Durable Goods Orders in August were unchanged at 0%, exceeding forecasts of a -2.6% contraction, but missed July’s 9.8% increase.
  • Initial Jobless Claims for the week ending September 21 were  218K, below estimates for a 225K jump and the previous reading of 222K.
  • According to the World Gold Council, global physically-backed Gold ETFs saw modest net inflows of 3 metric tons last week.
  • Market participants have fully priced in at least a 25 bps rate cut by the Fed. However, according to the CME FedWatch Tool, the odds of a 50 bps cut have decreased to 51.3%, down from a 60% chance the previous day.


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