Gold News – 31.May.2024

Gold News

Gold prices are set for a fourth consecutive monthly gain, remaining unchanged at $2,343.63 per ounce as of 0726 GMT.

Weekly gold prices are up 0.4%, and monthly prices are up 2.5%.
U.S. gold futures are flat at $2,341.80 per ounce.

Monthly gains are driven by central bank buying and geopolitical risks.

Market is awaiting U.S. core Personal Consumption Expenditures (PCE) price index data, the Fed’s preferred inflation measure, to be released at 1230 GMT.

Weaker U.S. GDP growth may prompt policy easing, but inflation progress remains crucial.

Any increase in PCE could pressure gold, but a significant decline is unlikely with buyers defending the $2,300 level.

Traders have reduced rate-cut expectations due to recent hawkish Fed comments.

Higher interest rates increase the opportunity cost of holding non-yielding gold.

Spot silver is steady at $31.18 per ounce, set for its largest monthly gain since July 2020.

Platinum is up 0.3% at $1,026.75, and palladium is up 0.2% at $949.34.

Nornickel expects a global palladium deficit of 0.9 million ounces in 2024.

Author : Arman Shaban
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