Gold News – 08.Jul.2024

Gold News

Gold prices eased on Monday but stayed near a more than one-month high.

Softer U.S. data boosted expectations of a Fed rate cut in September.

Spot gold was down 0.2% at $2,385.88 per ounce; U.S. gold futures eased 0.1% to $2,394.50.

Friday’s data showed a 2-1/2-year high unemployment rate of 4.1%, indicating a weakening labor market.

Market focus this week is on Fed Chair Jerome Powell’s testimony, comments from Fed officials, and U.S. inflation data.

Weak jobs report helped gold prices have the best week in three months.

Markets expect a 78% chance of a September rate cut by the Fed, with a rising chance of a second cut in December.

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

China’s central bank did not add to its gold reserves for the second consecutive month in June.

Despite the pause in China’s purchases, overall demand for gold remains strong.

Spot silver fell 0.2% to $31.14, platinum edged 0.5% lower to $1,021.45, and palladium slipped 1.7% to $1,008.51.

Author : Arman Shaban
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