Gold News – 12.Jul.2024

Gold News

Gold prices dipped 0.3% to $2,407.31 per ounce, but were up 0.5% for the week.

U.S. gold futures fell 0.4% to $2,412.50.

Weaker-than-expected U.S. inflation data boosted expectations for September rate cuts.

Markets now see a 93% chance of a September rate cut, up from 70%.

Lower interest rates reduce the opportunity cost of holding gold.

Spot silver fell 2% to $30.82 per ounce.

Platinum dropped 1.1% to $993.69; palladium decreased 2.3% to $971.93.

Both platinum and palladium were set for weekly declines.

Citi remains bearish on palladium due to insufficient offset from new technologies.

Author : Arman Shaban
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