Gold News – 28.Jun.2024

Gold News

Gold prices eased 0.1% to $2,326.27 per ounce but were set for a third straight quarterly rise, gaining over 4% for the quarter.

U.S. gold futures remained unchanged at $2,336.90.

Gold’s quarterly increase is attributed to potential U.S. monetary easing and significant gold purchases by China for their reserves.

China’s gold reserves remained flat in May after 18 consecutive months of increases, but more central banks may increase reserves within the next 12 months.

Gold rose over 1% in the previous session due to moderate slowdown in U.S. economic activity; market sees a 64% chance of a Fed rate cut in September.

Fed Governor Michelle Bowman is not ready to support a rate cut due to still-elevated inflation pressures.

The U.S. PCE price index, the Fed’s preferred inflation measure, is due later today and could influence gold prices.

Spot silver rose 0.3% to $29.15, platinum gained 1.2% to $999.20, and palladium climbed 2.6% to $953.07, all set for quarterly gains.

Author : Arman Shaban
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