Gold News – 15.Jul.2024
Gold News
Gold prices dipped on Monday due to a firm dollar.
Investors are awaiting economic data and comments from Federal Reserve officials for U.S. interest rate cues.
Spot gold was down 0.4% at $2,402.82 per ounce; U.S. gold futures were down 0.5% at $2,408.50.
The dollar rose after an attempted assassination of Donald Trump, which increased his chances of winning the November U.S. elections.
A stronger dollar makes gold more expensive for other currency holders.
Analyst Matt Simpson: Trump’s victory or loss may not directly impact gold; trade wars under Trump could favor gold.
Fed Chair Jerome Powell and other officials will speak this week; data includes U.S. retail sales, industrial output for June, and weekly jobless claims.
Analyst Ilya Spivak: A big miss on retail sales could prompt rate cuts, boosting gold; breaking $2,450 could lead to record highs.
Markets see a 93% chance of a U.S. rate cut in September (CME FedWatch Tool).
Low-interest rates make bullion more appealing.
ANZ analysts: Above-average rainfall and reduced import duty could boost Indian gold demand.
Other metals : Spot silver fell 0.4% to $30.65, platinum slipped 0.7% to $991.88, and palladium dropped 1.5% to $954.25.
Author : Arman Shaban
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