Gold News – 26.Apr.2024
Gold News
- Gold prices increased on Friday, recovering from earlier losses in the week.
- The rise was influenced by mixed U.S. economic data and strong demand for gold from China.
- Investors are anticipating a key U.S. inflation report to assess the economy’s condition.
- Spot gold rose by 0.7% to $2,349.04 per ounce, while U.S. gold futures increased by 0.8% to $2,361.10.
- The U.S. economy’s growth has slowed, which supports the possibility of interest rate cuts by central banks, generally boosting precious metal prices.
- However, high inflation may reduce the likelihood of rate cuts but also erodes the value of fiat currencies, driving investment towards safe havens like gold and silver.
- Despite the increase on Friday, gold prices were on track for a weekly decline, the largest since early December, mainly due to a 2.7% drop on Monday.
- The market’s attention is on the upcoming core Personal Consumption Expenditures (PCE) index data.
- The overall trend for gold prices is upward, but the outcome of the Fed’s May 1 FOMC meeting will be influential.
- Spot silver, platinum, and palladium also saw changes in prices, with all three headed for weekly declines.
- In other news, Anglo American rejected a $39 billion takeover bid from BHP Group, stating it undervalued the company.
Author : Arman Shaban
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