Gold News – 19.Jul.2024
Gold News
Gold prices fell 1% to $2,420.51 per ounce but were on track for a fourth straight weekly gain, rising 0.4% for the week and hitting an all-time high of $2,483.60 on Wednesday.
U.S. gold futures fell 1.34% to $2,423.40.
The U.S. dollar inched higher by 0.1%, and 10-year Treasury yields also rose, putting pressure on gold.
Kelvin Wong (OANDA) indicated that while gold is seeing some profit-taking, the medium-term outlook remains positive amid political uncertainty and expected rate cuts.
Markets see a 98% chance of a Fed rate cut in September (CME FedWatch Tool), boosting the appeal of non-yielding bullion in a low-interest rate environment.
Julia Khandoshko (Mind Money) predicts gold prices could reach $3,000 by autumn 2024 with the Fed’s expected easing of monetary policy.
Fed Chair Jerome Powell’s comments on recent inflation readings suggest that rate cuts may be near.
Fed Bank of San Francisco President Mary Daly stated that price stability has not yet been achieved.
Metals Focus noted that as markets adapt to higher prices, gold’s fundamentals should improve.
Spot silver fell 2.4% to $29.34 per ounce, platinum eased 0.2% to $966.32, and palladium edged 0.1% lower to $928.54, with all three metals headed for weekly declines.
Author : Arman Shaban
To see more analyzes of Gold , Forex Pairs , Cryptocurrencies , Indices and Stocks , be sure to Follow and Join us on other Platforms :
– Public Telegram Channel
– YouTube Channel
– TradingView
– X (Twitter)
– How to join our FOREX VIP Channel ?
– How to join our Crypto VIP Channel ?
– CONTACT ME directly on Telegram
