welcome back to our weekly update I'm Charlotte McLoud with investing news.com and I'm here to give you a quick look at our top stories for the week the gold price corrected this week even voling briefly below the 2300 per ounce Mark well that's down from levels of over 2400 seen earlier this month most experts aren't concerned about the yellow Metals price activity I asked Craig hempy of tfmetalsreport tocom about Gold's recent pullback and he said it's completely normal


he noted that nothing ever goes straight up and emphasized that a two steps forward one step back pattern is healthy with that said Craig does see strong upside potential for the precious metal in 2024 he said there are a lot of technical targets that line up with 2650 or 2700 and said that's probably the next point to watch for although Heights won't necessarily be achieved this year he thinks gold could finish the period at 2400 or 2500 gold's price AC ity comes against a backdrop of interesting economic data


April 26 brought the latest personal consumption expenditures price index numbers out of the US and they show that the all items gauge Rose 2.7% year on-year and 0.3% from the previous month pce is the US Federal reserve's preferred measure of inflation and it's in Focus as the Central Bank gears up to meet next week attracting perhaps even more attention was April 25th's GDP report which shows that the US economy grew at an annualized rate of 1.6% during q1 down from 3.4% in Q4 of last year with


inflation still not in line with the fed's 2% goal experts are now concerned that a deflationary scenario could be building major minor BHP turned heads this week when it made a 39 billion takeover offer for anglo-american citing synergies the company said the combination is consistent with its strategy anglo-american doesn't see it the same way the company quickly rejected the proposal calling it opportunistic BHP is widely expected to make another bid a tie-up between BHP and anglo-american would create the world's


largest copper Miner and the potential deal has directed even more attention to the red metal copper has been in Focus since mid-march when Chinese smelters announced plans to work together to cut output the move came on the back of reduced supply of the red metal which forced the smelters to drastically reduce treatment and refining charges since then there's been broader recognition of Copper's tight supply and demand fundamentals and this week brought prices to 10,000 per metric ton for the first time in 2 years while


Chinese demand remains a potential pain Point usage from the green energy transition is expected to boost copper in the years to come I'll leave the links to these stories in the video description if you'd like to learn more that's all for for this week if you like this video make sure you subscribe to our Channel we'd also love to hear your thoughts so leave us a comment below we'll see you next time [Music] [Music]