Gold News – 27.Jun.2024

Gold News

Gold prices steadied at $2,298.76 per ounce after falling to a two-week low, with investors awaiting U.S. inflation data.

U.S. gold futures fell 0.2% to $2,309.30.

The dollar hovered near an eight-week high, making gold more expensive for other currency holders.

Rising bond yields and a strong dollar have pressured gold prices.

Fed Governor Michelle Bowman expects inflation to decline further with steady policy rates, and eventual rate cuts if inflation moves toward 2%.

Key data includes U.S. first-quarter GDP estimates and personal consumption expenditures (PCE) inflation data.

Gold could slip towards $2,270 if PCE data dampens market expectations for rate cuts.

Gold faces a tug of war between a less dovish Fed and geopolitical tensions.

Spot silver fell 0.1% to $28.73, platinum decreased 0.6% to $1,006.20, and palladium dropped 0.6% to $922.84.

Author : Arman Shaban
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