Gold News – 25.Jun.2024

Gold News

Gold prices remained steady at $2,332.30 per ounce as of 0934 GMT, with Western investors awaiting U.S. inflation data for clues on future rate cuts.

Gold is down 5% from a record high of $2,449.89 per ounce reached on May 20.

The current price movement is driven by sentiment in China, where highly leveraged positions are taken by new players, causing price volatility.

Weaker Chinese yuan is boosting gold demand in Asia as a hedge against currency depreciation.

The key question is whether Western perceptions of gold’s fair value will adjust upwards or if Eastern expectations will lower.

U.S. first-quarter GDP estimates and PCE price index report are awaited this week.

Gold ETFs saw inflows of $212 million last week, though net outflows for 2024 total $7.3 billion.

Spot silver fell 0.1% to $29.60 per ounce, platinum rose 0.2% to $996.47, and palladium increased 1.5% to $993.50.

Author : Arman Shaban
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