Gold News – 10.Jul.2024

Gold News – 10.Jul.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

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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