Gold News – 21.Jun.2024

Gold News

Set to post a second consecutive weekly gain.

Spot gold rose 0.2% to $2,363.06 per ounce after hitting a two-week high.

Gained more than 1% this week, adding to a 1.7% increase last week.

U.S. gold futures rose 0.3% to $2,376.70 per ounce.

Softer U.S. economic data (e.g., housing slowdown, tepid retail sales) fueled optimism for interest rate cuts.

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

Yuan dipped to a seven-month low against the dollar.

Weak Chinese currency and property sector concerns have increased Chinese investment in gold.

Silver: Fell 1.1% to $30.37 per ounce but up 3% for the week.

Platinum: Up 0.8% to $986.05 per ounce.

Palladium: Gained 1.5% to $937.56 per ounce.

Both platinum and palladium are also headed for weekly gains.

Author : Arman Shaban
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