Gold News – 30.May.2024

Gold News

Spot gold eased 0.2% to $2,333.22 per ounce as of 0836 GMT.

U.S. gold futures fell 0.8% to $2,323.40.

Gold prices have fallen over $100 since hitting a record high of $2,449.89 on May 20.

Traders anticipate the Federal Reserve keeping rates higher for longer, impacting the opportunity costs of holding gold.

Hawkish rhetoric from U.S. central bank officials has reduced expectations of Fed rate cuts.

Revised U.S. GDP figures and weekly jobless claims data are due, followed by the Personal Consumption Expenditures (PCE) price index.

Geopolitical instability, economic uncertainty, and large state purchases continue to support gold prices.

Spot silver fell 1.7% to $31.41 after reaching an over 11-year high last week.

Strong industrial demand and favorable valuation against gold are driving investment interest in silver.

Platinum rose 0.2% to $1,037.20, while palladium lost 1.9% to $947.00, hitting a four-week low.

Please note that gold smuggling out of Africa to the United Arab Emirates has surged over the last decade, with significant amounts of gold leaving the continent illegally each year!

Author : Arman Shaban
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