Gold News – 17.Jun.2024

Gold News

Gold prices dropped to around $2,320 per ounce on Monday, pressured by higher US Treasury yields.

The previous week saw gold rise by over 1%.

Market participants are awaiting further cues to gauge the Federal Reserve’s monetary policy trajectory.

US consumer prices remained steady in May for the first time in nearly two years, while producer prices unexpectedly declined.

Fed officials’ updated economic projections suggested only one quarter-point rate cut for this year.

Investors will closely monitor Fed officials’ statements and key economic releases (retail sales, industrial production, S&P Global flash PMIs) to assess the potential for multiple rate cuts.

Gold demand in India was weak last week.

Premiums in top consumer China decreased due to weak sentiment and high spot prices.

Author : Arman Shaban
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