Gold News – 22.May.2024

Gold News

Gold Prices :

Steady above $2,400 level.

Spot gold at $2,415.35 per ounce.

U.S. gold futures down 0.3% at $2,419.00.

Bullion hit a record high of $2,449.89 on Monday.

Factors Supporting Gold :

Fiat currency debasement by the U.S. and developed nations due to rising budget deficits.

Stimulus fiscal policy may erode confidence in individual country currencies.

Fed’s May Policy Meeting :

Minutes due at 1800 GMT.

Traders pricing a 64% chance of a rate cut by September.

U.S. Inflation and Interest Rates :

Recent data shows U.S. inflation resumed downward trend.

Fed policymakers recommend waiting before cutting interest rates.

Gold Investment Outlook :

Lower interest rates and geopolitical uncertainty favor bullion.

Gold solidifying above $2,400 level.

Record highs may require dollar or bond yield pullback or safe-haven demand increase.

Other Precious Metals :

Spot silver fell 0.8% to $31.71.

Platinum edged 0.1% higher to $1,047.76.

Palladium dropped 0.7% to $1,018.85.

Author : Arman Shaban
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