Gold News – 24.May.2024
Gold News
Gold Prices : Gold prices reached a two-week low and are on track for the largest weekly decline in over five months.
Federal Reserve Impact : The decline follows a hawkish stance in the U.S. Federal Reserve minutes, reducing expectations of interest rate cuts.
Current Prices : Spot gold increased slightly by 0.4% to $2,336.86 per ounce, after previously hitting its lowest since May 9. It had reached a record high of $2,449.89 on Monday but has since dropped about 5%.
U.S. Gold Futures : Remained steady at $2,337.80.
Market Reaction: The hawkish Fed minutes have led to higher Treasury yields and a stronger dollar, affecting metal prices.
Interest Rates : There’s a growing skepticism among traders that the Fed will reduce rates more than once in 2024.
Chinese Demand : Chinese reserve buying has slowed but continues to be a significant source of demand for gold, potentially limiting further losses.
Gold/Silver Ratio : The ratio has decreased, which might lead to a renewed interest in gold.
Other Metals: Spot silver, platinum, and palladium have all seen slight increases but are also headed for weekly losses.
Industry News : Russia’s Nornickel is planning to build a PGMs (Platinum Group Metals) refinery in Bahrain.
Author : Arman Shaban
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