Gold News – 28.May.2024
Gold News
Gold Prices: Gold fell to $2,340 as the DXY (U.S. Dollar Index) rose, with investors looking ahead to key U.S. inflation data that could provide insights on the timing of potential Federal Reserve interest rate cuts.
Market Focus: Investors are awaiting key U.S. inflation data that may influence the Federal Reserve’s interest rate decisions.
Analyst Insight: Kelvin Wong from OANDA noted that a strong dollar could pose a risk to gold, but short-term trends are positive with $2,310 as key support.
Inflation Data: The core PCE price index, the Fed’s preferred inflation measure, is due on Friday.
Fed Policy: Recent Fed meeting minutes indicate the current policy rate will be maintained, with discussions of potential future hikes.
Market Sentiment: Traders are skeptical about significant rate cuts in 2024, with a 62% chance of a rate cut by November.
Inflation Hedge: Bullion serves as an inflation hedge, but higher interest rates increase the opportunity cost of holding gold.
Other Metals : Spot silver rose 0.2% to $31.73, platinum increased 0.4% to $1,058.50, and palladium gained 0.2% to $991.18.
Vietnam’s Central Bank: Will stop auctioning gold and introduce a new measure to stabilize domestic prices.
Author : Arman Shaban
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