Gold News – 13.May.2024
Gold News
Gold Prices : Spot gold fell by 0.5% to $2,348.45 per ounce, and U.S. gold futures dropped 0.9% to $2,354.
Recent Highs : Prices reached the highest level since April 22 on the previous Friday.
Upcoming Reports : The U.S. producer price index (PPI) and consumer price index (CPI) reports are due for release on Tuesday and Wednesday, respectively.
Inflation Forecasts : Median forecasts suggest a 0.3% rise in core consumer prices for the month, with an annual rate decrease to 3.6%.
Rate Cut Expectations : Increased expectations for U.S. Federal Reserve rate cuts this year, possibly starting in September, which would lower the opportunity cost of holding gold.
Federal Reserve’s Stance : Varied comments from Fed officials on whether interest rates are high enough, with a recent survey indicating a rise in consumer inflation expectations.
Other Metals : Spot silver remained steady at $28.15 per ounce, while platinum and palladium saw slight increases to $998.30 and $981.17 per ounce, respectively.
Author : Arman Shaban
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