Gold News – 06.Jun.2024
Gold News
Gold prices hit a two-week high due to falling U.S. bond yields and signs of a cooling labor market.
Spot gold was up 0.4% at $2,363.03 per ounce, with U.S. gold futures rising 0.3% to $2,381.80.
Analysts expect the Federal Reserve to cut rates twice this year, starting in September.
A Reuters poll supports the likelihood of these rate cuts.
Lower interest rates decrease the opportunity cost of holding non-yielding assets like gold.
Benchmark 10-year U.S. Treasury yields are near a two-month low, further supporting gold prices.
Analysts are cautious about another significant rally in gold prices, though maintaining above $2,300 is seen as remarkable.
Global stocks are nearing an all-time high, and the euro rose in anticipation of an ECB rate cut.
Other precious metals also saw gains: silver rose 1%, platinum up 0.3%, and palladium up 0.3%.
Author : Arman Shaban
To see more analyzes of Gold , Forex Pairs , Cryptocurrencies , Indices and Stocks , be sure to Follow and Join us on other Platforms :
– Public Telegram Channel
– YouTube Channel
– TradingView
– X (Twitter)
– How to join our FOREX VIP Channel ?
– How to join our Crypto VIP Channel ?
– CONTACT ME directly on Telegram