Gold News – 13.Jun.2024

Gold News

Gold prices fell after the U.S. Federal Reserve indicated fewer rate cuts this year than expected.

Spot gold dropped 0.4% to $2,312.78 per ounce, and U.S. gold futures fell 1.1% to $2,328.20.

The Fed held interest rates steady, delaying the start of rate cuts to possibly December.

This is a shift from earlier forecasts, which anticipated the start of steady rate reductions sooner.

May’s consumer price index (CPI) showed no month-to-month increase, which some analysts consider outdated given the Fed’s latest projections.

Strong U.S. jobs data and China’s central bank’s halt on gold purchases contributed to gold’s recent decline.

Experts believe gold’s rally may continue in the second half of 2024, but reaching $3,000 per ounce seems unlikely.

Spot silver fell 1.5% to $29.26 per ounce.

Platinum declined 1.7% to $947.07.

Palladium dropped 1.4% to $894.00.

Author : Arman Shaban
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