Gold News – 06.Jun.2024

Gold News – 06.Jun.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

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
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