Gold News – 06.May.2024

Gold News

Gold Spot : Rose by 1% to $2,325 per ounce.

Gold Futures : Increased by 1% to $2,331.5 per troy ounce due to optimism for U.S. interest rate cuts.

Economic Data : U.S. private sector job growth slowed in April, which could lead the Federal Reserve to ease monetary policy.

Interest Rates and Gold : Historically, higher interest rates diminish gold’s appeal as they offer yields, unlike gold.

Central Banks : Led by China, are increasing their gold reserves, possibly moving away from the U.S. dollar.

Middle East Tensions : The ongoing conflict and ceasefire uncertainty in Gaza are influencing gold prices.

Market Expectations : A 67% chance of a U.S. rate cut by September, which would lower the cost of holding gold.

Fed Statements : Emphasized the importance of a 2% inflation target and the need for context in the rate-path “dot plot.”

Perth Mint Sales : Gold sales doubled in April, while silver sales dropped to a low since December.

Other Metals : Spot silver increased by 1.4% to $26.91 per ounce, platinum decreased by nearly 0.7% to $948.78, and palladium slightly dropped by 0.2% to $944.05.

Author : Arman Shaban
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