Gold News – 03.Jul.2024

Gold News – 03.Jul.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

Gold News

Gold prices rose as the dollar weakened following dovish comments from Federal Reserve Chair Jerome Powell.

Spot gold increased by 0.7% to $2,344.60 per ounce; U.S. gold futures rose by 0.9% to $2,354.20.

Analyst Ricardo Evangelista attributed gold’s price gains to the weakening dollar and Powell’s comments on inflation.

A weaker dollar makes gold more attractive to other currency holders.

Powell stated that more data is needed before cutting interest rates, despite recent weaker inflation readings.

U.S. job openings increased in May, indicating potential for Fed interest rate cuts this year.

Market predicts a 65% chance of a rate cut in September and another in December.

Lower interest rates reduce the opportunity cost of holding non-yielding gold.

Upcoming economic data: ADP employment, weekly jobless claims, and the non-farm payrolls report.

The World Gold Council’s mid-year outlook suggests gold could outperform due to Western flows but warns of a potential pullback if central bank demand drops or rates stay high.

Spot silver rose by 2.1% to $30.12 per ounce, a one-week high.

Platinum increased by 0.9% to $999.81, and palladium gained 0.7% to $1,028.82.

Author : Arman Shaban
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