GOLD

Gold

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 <p>Continuing a decrease in value since the start of the year, the <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> price is nearing the $2,000 level as the chance for a March Federal Reserve interest rate cut decreases. Indeed, the value of the yellow metal has fallen to its lowest since mid-December. Moreover, US economic data showcasing resiliency has negatively affected the asset price.</p>
 <p>Currently, <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> is trading for $2,004, and is down more than 1% over the last 24 hours. Subsequently, there are expectations that a bearish momentum could continue as its value drops to the $2,000 mark in the short term. There is little expectation of incoming data that could present an immediate reverse upward.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp" alt="gold bars" class="wp-image-121060" srcset="https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 1024w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 300w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 768w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 1536w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 380w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 550w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 800w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 1160w, https://cdn.thebittimes.com/images/2024/01/18/32a05230ed0bc075797a7609af5ea298.webp 1634w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p><strong>Also Read: Gold Price Drops Below $2,050, How Will Price Perform In 2024?</strong></p>
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 <h2 class="wp-block-heading" id="h-gold-falling-back-to-2000-amid-bearish-outlook">Gold Falling Back to $2000 Amid Bearish Outlook</h2>
 <p>For the last few months of 2023, the price of gold had seen a massive resurgence. Reaching an all-time high of $2150 in December, the asset was benefitting from uncertainty within the US economy. However, just a few weeks into 2024, the metal has not continued its positive development.</p>
 <p>Currently, the <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> price is nearing the $2,000 mark as the chance for a March Fed Rate Cut has dropped. Specifically, FX Street notes that the chance for a rate cut in two months has dropped from 70% at the end of 2023, to 52% currently. Subsequently, the decline has had a massive effect on <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a>’s value overall, feeding the bearish outlook of the metal.</p>
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 <figure class="wp-block-image size-full"><img decoding="async" width="800" height="457" src="https://cdn.thebittimes.com/images/2024/01/18/ac31c2da6fa026755ec8313b4a5af2e8.webp" alt="AI Predicts Gold Price for Christmas 2023 (XAU/USD)" class="wp-image-122278" srcset="https://cdn.thebittimes.com/images/2024/01/18/ac31c2da6fa026755ec8313b4a5af2e8.webp 800w, https://cdn.thebittimes.com/images/2024/01/18/ac31c2da6fa026755ec8313b4a5af2e8.webp 300w, https://cdn.thebittimes.com/images/2024/01/18/ac31c2da6fa026755ec8313b4a5af2e8.webp 768w, https://cdn.thebittimes.com/images/2024/01/18/ac31c2da6fa026755ec8313b4a5af2e8.webp 380w, https://cdn.thebittimes.com/images/2024/01/18/ac31c2da6fa026755ec8313b4a5af2e8.webp 550w" sizes="(max-width: 800px) 100vw, 800px">
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 <p><strong>Also Read: What Will Gold Price Be at the End of 2024?</strong></p>
 <p>That has partnered with optimistic US economy data to further increase the slide in value for <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a>. Specifically, retail sales noted an increase along with industrial production. Moreover, macroeconomic data showcased resiliency that coincided with hawkish sentiments delivered from Fed officials regarding the previously mentioned March rate cut.</p>
 <p>Conversely, the value of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> is facing support levels at $2,049. Moreover, there are resistance levels in place for the $2,062 level as technical indicators are showing downward pressure for its value. Specifically, there is the expectation that a bearish breakout could occur, bringing forth a fall to the $2,000 threshold.</p>
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  <li>GOLD</li>
  <li>gold price</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gold-price-nears-2-000-level-as-chance-for-march-rate-cut-fall-tbt76915.html">https://thebittimes.com/gold-price-nears-2-000-level-as-chance-for-march-rate-cut-fall-tbt76915.html</a></p>

Gold Price Nears $2,000 Level as Chance for March Rate Cut Fall

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