Gold News – 09.May.2024

Gold News – 09.May.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

Gold News

Gold Prices : Spot gold was stable at $2,310.47 per ounce, with U.S. gold futures slightly down by 0.2% to $2,317.30.

U.S. Economic Data : Investors are awaiting weekly jobless claims, consumer sentiment readings, and consumer price index data for cues on potential Federal Reserve interest rate cuts.

Market Expectations : There’s a market expectation of a Fed rate cut in September, but gold traders are cautious. Prices could drop to $2,290 if the U.S. inflation report is higher than expected.

Fed Rate Cut Probability : The CME’s FedWatch Tool indicates about a 66% chance of a Fed rate cut in September.

Inflation Target : The Fed Bank of Boston President mentioned the need for the U.S. economy to cool off to achieve the central bank’s 2% inflation target.

Gold Outlook : The outlook for gold for the rest of 2024 is positive, with potential to exceed $2,500 amid uncertain economic conditions and ongoing geopolitical tensions.

Geopolitical Tensions : Hamas is unwilling to concede more to Israel in Gaza ceasefire negotiations.

China’s Trade : Exports and imports showed growth in April, indicating improved demand domestically and internationally.

Silver and Other Metals : Spot silver rose by 0.9% to $27.60 per ounce, with expectations it could reach $30 by the fourth quarter. Platinum and palladium also saw gains.

Platinum Supply Shortfall : Johnson Matthey forecasts the largest platinum supply shortfall in a decade for 2024.

Author : Arman Shaban
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