Gold News – 07.May.2024

Gold News – 07.May.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

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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