Gold News – 20.Jun.2024

Gold News – 20.Jun.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

Gold News

Gold prices reached a two-week high on Thursday, with spot gold up 0.3% at $2,333.69 per ounce and U.S. gold futures steady at $2,347.30.

The rise is attributed to weak U.S. economic data, raising expectations of interest rate cuts from the Federal Reserve later this year.

Global election uncertainties also supported gold prices.

Recent data indicated moderation in the labor market and price pressures, along with soft retail sales, suggesting lackluster economic activity in Q2.

The Fed is expected to consider rate cuts by the end of the year if inflation continues to cool.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Safe-haven bids due to geopolitical tensions, economic risks, and French political uncertainty also buoyed gold.

France’s president called a snap election, with high debt levels being a concern for the market.

Immediate market focus includes U.S. weekly jobless claims data and flash purchasing managers’ indexes.

ANZ analysts have a positive view for gold, targeting $2,500 per ounce by the end of 2024.

Spot silver rose 1.5% to $30.19 per ounce.

Platinum increased by 0.1% to $981.66.

Palladium gained 0.2% to $906.46.

Author : Arman Shaban
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