Gold News – 24.Jul.2024
Gold News
Gold Prices: Gold prices rose by 0.2% to $2,413.63 per ounce, with U.S. gold futures gaining 0.3% to $2,414.40.
Interest Rate Cuts: Market participants are assessing the timing and number of U.S. interest rate cuts, with expectations of two cuts in September and December.
U.S. Economic Data: Upcoming U.S. GDP data and PCE price index data could influence investor expectations on rate cuts.
Impact of Lower Rates: Lower interest rates reduce the opportunity cost of holding non-yielding gold.
U.S. Election: Investors are monitoring the U.S. election, with Kamala Harris expected to face Donald Trump. A potential Trump victory could strengthen the dollar and impact gold prices.
India’s Import Duty: India reduced import duties on gold and silver from 15% to 6%, which is expected to boost physical demand in the second half of 2024.
Rural Income in India: An above-average monsoon is expected to increase rural income, supporting gold purchases.
Other Metals: Spot silver rose 0.2% to $29.27 per ounce, platinum firmed 1.5% to $957.82, and palladium added 1.6% to $940.88.
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
