Gold News – 18.Jun.2024

Gold News

Gold prices edged higher on Tuesday as Treasury yields eased.

Spot gold increased by 0.2% to $2,323.97 per ounce, and U.S. gold futures rose 0.4% to $2,339.00.

Lower 10-year Treasury yields made gold more attractive, with the dollar holding steady.

Market participants are awaiting U.S. data and comments from Federal Reserve officials for clarity on interest rate cuts.

U.S. retail sales data is due at 1230 GMT, followed by weekly jobless claims on Thursday and flash PMIs on Friday.

Philadelphia Fed President Patrick Harker suggested a single rate cut but is open to changes based on incoming data.

Several Fed officials, including Austan Goolsbee and Thomas Barkin, are scheduled to speak later in the day.

Traders see a 76% probability of an interest rate cut in November.

Among other metals, spot silver was stable at $29.49 per ounce, platinum rose 1.2% to $976.15, and palladium gained 0.7% to $894.64.

Author : Arman Shaban
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