Gold News – 24.Jun.2024

Gold News

Gold prices increased by 0.4% to $2,330.56 per ounce.

U.S. gold futures rose 0.5% to $2,343.30.

The rise followed a 1% drop due to a stronger dollar.

Benchmark 10-year U.S. Treasury yields edged down, making gold more attractive.

Investors await the upcoming inflation reading, which could influence the Federal Reserve’s interest rate decisions.

UBS analyst Giovanni Staunovo expects gold to reach $2,600 per ounce by year-end.

Personal Consumption Expenditures (PCE) data, the Fed’s preferred inflation measure, is due on Friday.

Several Fed officials, including San Francisco Fed President Mary Daly, will speak this week.

Traders see a 66% chance of a Fed rate cut in September.

Lower rates reduce the opportunity cost of holding bullion.

Business activity reached a 26-month high in June, but price pressures eased.

Eight Palestinians were killed in an Israeli airstrike near Gaza City.

Silver rose 0.5% to $29.68 per ounce.

Platinum gained 0.6% to $998.35.

Palladium increased by 4.6% to $992.53, briefly exceeding $1,000 per ounce in volatile trade.

Author : Arman Shaban
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