Gold News – 19.Jun.2024

Gold News – 19.Jun.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

Gold News

Gold prices edged up by 0.2%, with spot gold now glistening at $2,332.09 per ounce and U.S. gold futures holding steady at $2,346.80.

U.S. retail sales barely budged in May, and the previous month’s data took a significant hit, pointing to sluggish economic activity.

This has sparked fresh hopes for a Federal Reserve rate cut in September, with the odds jumping from 61% to 67%.

According to Ricardo Evangelista from ActivTrades, the real action behind gold’s price lies in what the Fed decides next.

Lower interest rates make holding gold more enticing, as they reduce the cost of missing out on other investments.

The market is betting on at least one rate cut from the Fed, keeping gold prices comfortably above $2,300.

Last Friday, gold prices shot up by 1.3% amid signs of cooling U.S. inflation and a dramatic selloff in European stocks.

Political drama in Europe, especially with elections looming in France and the UK, could also be a boon for gold prices.

All eyes are now on U.S. weekly jobless claims data coming out Thursday and the flash purchasing managers’ indexes on Friday.

In other precious metals news, spot silver saw a slight uptick of 0.1% to $29.54 per ounce, platinum climbed 0.7% to $978.99, and palladium surged 1.7% to $902.20.

Author : Arman Shaban
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