Gold News – 07.May.2024
Gold News
Gold prices remained steady due to safe-haven demand amid uncertainty surrounding the Gaza ceasefire and expectations of U.S. Federal Reserve interest rate cuts.
Spot gold held at $2,320.69 per ounce, rising over 1% in the previous session.
U.S. gold futures were flat at $2,328.40.
Analyst Matt Simpson noted that gold has been building a base around $2,280, and the Fed’s hints of a potential rate cut have impacted market sentiment.
Fed Bank of New York President John Williams indicated an eventual interest rate reduction.
Traders are pricing in a 67% chance of a Fed rate cut in September.
Ceasefire concerns in Gaza also supported bullion.
In the Middle East conflict, Hamas accepted a ceasefire proposal, but Israel continued strikes in Rafah while planning further negotiations.
Spot silver declined to $27.26 per ounce.
Platinum gained, while palladium saw a slight loss.
Platinum’s ETF inflows have started to increase, positioning it closer to gold as an investment option compared to palladium.
Author : Arman Shaban
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