Gold News – 10.May.2024
Gold News
Gold Price Increase : Gold reached its highest price since the April crash due to expectations of Federal Reserve interest-rate cuts.
June Gold Futures : They rose 1.4% to $2,373.6 per troy ounce, with a peak at $2,377.2, the highest since April 22.
April Peak and Drop : Gold hit an all-time high of $2,448.8 per ounce on April 12, then fell to $2,285.2 on May 3.
Fed Rate Cut Hopes : Investors are optimistic about a potential Fed rate cut following a surge in U.S. jobless claims to a multi-month high.
Interest Rates vs. Gold : Higher interest rates generally have a negative impact on gold prices since gold yields no interest.
Expected Rate Cuts : BMI analysts anticipate the Fed will cut rates this year, with the first cut in September and two more in November and December.
Previous Fed Stance : The Fed had minimized rate cut expectations, citing insufficient progress towards its 2% inflation goal and recession indicators.
Jobless Claims Effect : The recent rise in jobless claims has increased market expectations for an earlier rate cut.
Upcoming Inflation Data : Next week’s inflation data will provide more insight into the U.S. economy.
Gold Price Volatility : BMI expects gold prices to remain volatile, influenced by geopolitical events and Fed rate policy.
Author : Arman Shaban
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