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Global factors, especially oil production and OPEC decisions, influence growth expectations for GCC economies
Analysts expect gold prices to reach over $2,800 this year and $3,000 in 2025
Globally, growth is expected to remain stable but lackluster, with projections of 3.2 percent for both 2024 and 2025
Market awaits the upcoming release of U.S. existing home sales data, which will provide additional insight into the health of the economy
This marks the first consecutive rate reduction in 13 years
The committee noted that this decision reflects recent global and local developments
The U.S. retail sales and industrial production data for September, as well as weekly jobless claims data, are all due later today
U.S. dollar index and Treasury yields dipped, making bullion more attractive to other currency holders
Traders are currently pricing an 88.2 percent chance of a 25-basis-point cut in November
Despite the rise in gold prices, the U.S. dollar's recent ascent and rate-cut expectations have limited gains
Brent crude futures for December delivery dropped 0.5 percent to $78.98 a barrel
Market focus now shifts to U.S. Producer Price Index (PPI) report due today
On a month-to-month basis, prices increased by 2.1 percent, consistent with the previous month's 2.1 percent rise
Traders are currently pricing an 84.7 percent chance of a 25-basis-point cut in November
U.S. dollar index rose 0.06 percent to 102.61 earlier in the session, inching closer to the seven-week high it recorded last week
Investor focus now shifts to the Fed's latest policy meeting minutes due on Wednesday and inflation data due on Friday
Traders are currently pricing a 95.7 percent chance of a 25-basis-point rate cut in November
Dubai's PMI signaled a robust expansion in business conditions across the non-oil private sector last month
Amid the uncertain global economic and geopolitical landscape, bullion posted its best quarterly gain since 2016 on Monday
Market attention turns toward comments from both Fed chair Jerome Powell and Fed governor Michelle Bowman later today
UAE's real GDP grew 3.6 percent, driven by rise in the non-oil sector, particularly in tourism, real estate, and finance
Market focus now shifts to the U.S. core personal consumption expenditures price index data due later today
Market awaits Federal chair Jerome Powell's remarks due later in the day, along with U.S. inflation data due on Friday
Traders now await Fed chair Jerome Powell’s remarks on Thursday and U.S. inflation data on Friday for further policy cues
