Gold News – 02.Jul.2024
Gold News
Gold Prices: Gold slipped 0.2% to $2,327.06 per ounce; U.S. gold futures steady at $2,339.10.
Dollar and Bond Yields: The firm U.S. dollar and rising U.S. bond yields make gold less attractive.
Fed Chair Comments: Investors await Jerome Powell’s comments for clues on interest rates.
Economic Data: Key jobs data (ADP employment, ISM services PMI, Fed meeting minutes, nonfarm payrolls) are crucial for market direction.
Market View: For gold to rise, further weak economic data increasing the likelihood of a Fed rate cut is needed.
Interest Rates: Lower rates reduce the opportunity cost of holding gold.
U.S. Manufacturing: Contracted in June; potential inflation reduction.
Gold Investment Demand: Citi expects investment demand to absorb almost all mine supply in 12-18 months but sees risks from lower China retail demand, weaker central bank demand, or delayed Fed interest rate normalization.
Other Metals: Spot silver fell 0.5% to $29.34, platinum lost 0.4% to $981.30, and palladium firmed 0.8% to $979.23.
Author : Arman Shaban
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