Gold News – 15.May.2024

Gold News

Gold prices remained steady as investors awaited U.S. inflation data for clues on future Federal Reserve interest rate cuts.

Spot gold held at $2,359.99 per ounce, trading within a $6 range after a 1% gain on Tuesday; U.S. gold futures rose 0.2% to $2,365.50.

U.S. consumer price index data, expected to show a 0.3% rise in core inflation for April, is due at 1230 GMT.

Analyst Kyle Rodda suggested lower CPI would benefit gold, but higher-than-expected CPI could disrupt markets.

Recent weak jobs and payrolls reports have increased expectations for rate cuts by September.

Fed Chair Jerome Powell expects inflation to decline through 2024, unlikely requiring further rate hikes.

U.S. producer prices increased more than expected in April.

Spot silver rose 0.3% to $28.67 per ounce, palladium gained 1.4% to $991.39, and platinum climbed 1.9% to $1,050.57.

BHP Group shares rose 2.4% after Anglo American announced a break-up plan in response to a $43 billion offer.

Author : Arman Shaban
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