Gold News – 09.Jul.2024

Gold News

Gold prices rose slightly due to a soft dollar, with spot gold at $2,363.71 and U.S. gold futures at $2,369.80.

Investors are awaiting Federal Reserve Chair Jerome Powell’s testimony and June inflation data.

Powell’s testimony may impact gold prices, especially if economic weakness is implied.

U.S. unemployment rate increased to 4.1%, leading to expectations of a rate cut in September and another by December.

Lower interest rates enhance gold’s appeal.
Softer inflation could push gold to test the $2,410 resistance level.

Physical gold demand likely softened in Q2 but is expected to rebound by year-end.

Spot silver rose to $31.02 per ounce, platinum to $1,006.35, and palladium to $1,020.20.

Guangzhou Futures Exchange plans to launch platinum and palladium futures contracts in China.

Author : Arman Shaban
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