Gold News – 01.Jul.2024

Gold News

Gold prices rose 13% this year, reaching a record high above $2,440 per ounce in May.

Factors driving the increase included inflation concerns and the expectation of interest rate cuts.

As interest rate cuts became less likely, gold prices fell back to around $2,330 per ounce, about 5% below the record peak.

Economic data, such as the upcoming nonfarm payrolls report, is expected to influence gold price volatility.

Recent U.S. inflation data showed a slight decrease, supporting hopes for future Federal Reserve interest rate cuts.

Spot gold rose 0.1% at $2,327.12 per ounce, as of 0202 GMT. Prices jumped more than 4% in the second quarter.

U.S. gold futures eased 0.1% at $2,336.60.

May inflation readings matched economists’ expectations, having little impact on market rate expectations.

Author : Arman Shaban
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