Gold News – 11.Jun.2024
Gold News
Gold prices fell by 0.3% to $2,302.89 per ounce, and U.S. gold futures fell 0.3% to $2,320.20.
Investors are awaiting key U.S. inflation data and the Federal Reserve’s policy meeting for insights on interest rate cuts.
Strong U.S. payrolls report may limit the Fed’s ability to signal a September rate cut, potentially impacting gold prices further.
The May consumer price index (CPI) inflation report and the Fed’s interest rate decision on Wednesday are expected to cause market volatility.
Updated Fed economic projections are likely to indicate fewer interest rate cuts due to strong inflation.
Strong U.S. jobs data and China’s central bank holding off gold purchases caused gold to drop 3.5% ($83) on Friday.
China is expected to resume gold purchases once prices ease from May’s record highs.
Other metals: spot silver fell 1.9% to $29.22 per ounce, platinum fell 0.6% to $962.20, and palladium fell 1.1% to $893.60.
ANZ analysts predict the platinum market will remain undersupplied due to supply challenges and healthy demand from the auto and new-energy sectors.
