Gold News – 11.Jul.2024

Gold News

Gold prices increased for the third consecutive session, with investors anticipating U.S. inflation data.

Spot gold gained 0.4% to $2,381.13 per ounce by 0704 GMT.
U.S. gold futures rose 0.3% to $2,386.20.

weaker dollar made gold more attractive to other currency holders.

The June Consumer Price Index (CPI) report is expected at 1230 GMT and the Producer Price Index (PPI) reading on Friday.

Marex analyst Edward Meir suggested that a downside surprise in the CPI report could push gold prices to $2,400.

Fed Governor Lisa Cook indicated that U.S. inflation should continue to fall without significantly increasing unemployment.

Meir believes gold is in a higher trading range and could hit a record high this year with a geopolitical shock.

Gold is a hedge against geopolitical turmoil and is more appealing when interest rates are low.

Fed Chair Jerome Powell stated that interest rate decisions would be made as needed, with a potential for rate cuts given more positive data.

Traders predict a 46% chance of two rate cuts by the end of December and a 73% chance for a rate cut in September.

Uganda’s central bank is buying locally-produced gold to bolster foreign reserves and address international financial market challenges.

Spot silver climbed 0.6% to $30.99 per ounce, platinum was flat at $989.55, and palladium steadied at $986.33.

Author : Arman Shaban
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