Gold News – 04.Jul.2024

Gold News

Gold Prices: Little changed on Thursday near a two-week high after softer-than-expected U.S. economic data spurred hopes of interest rate cuts as early as September.

Spot Gold: Unchanged at $2,357.78 per ounce as of 0959 GMT; hit highest level since June 21 on Wednesday.

U.S. Gold Futures: Down 0.1% at $2,366.20.

Previous Session: Bullion prices gained more than 1% after weak services and ADP employment reports indicated a slowing U.S. economy.

Interest Rate Cuts: Strong chance of rate cuts in late Q3 or early Q4, making gold more attractive than bonds (Alex Ebkarian, Allegiance Gold).

Fed Minutes: U.S. economy slowing and price pressures diminishing.

Sanctions Impact: U.S. sanctions leading central banks and governments to move towards gold to eliminate counterparty and default risk (Alex Ebkarian).

Sanctions Context: Aimed at cutting off Russia’s access to military production products and services.

Traders’ Focus: U.S. nonfarm payrolls data due on Friday, expected weaker job creation and easing wage pressure may positively impact precious metals (Ole Hansen, Saxo Bank).

Spot Silver: Fell 0.3% to $30.37.

Platinum: Rose 1.4% to $1,010.95.

Palladium: Dropped 0.9% to $1,020.75 after reaching highest level since mid-April in the previous session.

Author : Arman Shaban
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