Gold News – 10.Jul.2024
Gold News
Gold prices increased on Wednesday ahead of key U.S. inflation data, which could influence the Federal Reserve’s interest rate decisions.
Spot gold rose 0.4% to $2,372.87 per ounce by 0705 GMT.
U.S. gold futures climbed 0.5% to $2,378.40.
Fed Chair Jerome Powell mentioned that inflation had been improving, suggesting that more positive data could lead to looser monetary policy.
Traders see a 73% chance of a rate cut in September, according to the CME Group’s FedWatch Tool.
June CPI data, expected on Thursday, is anticipated to show headline prices rising by 0.1% and core prices by 0.2%, with annual gains at 3.1% and 3.4%, respectively.
A resurgence in inflation could challenge the Fed’s efforts, potentially delaying policy easing and causing gold prices to fall toward the $2,300 support level.
Global physically backed gold ETFs saw inflows for the second consecutive month in June, driven by additions from Europe- and Asia-listed funds.
Spot silver gained 0.3% to $30.88 per ounce, platinum rose 0.4% to $987.75, and palladium fell 0.3% to $977.07.
Author : Arman Shaban
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