Gold News – 26.Jul.2024
Gold News
Gold prices have risen but are expected to end the week with a modest loss due to profit-taking and negative sentiment in the commodities market.
Futures are trading 0.7% higher at $2,369.80 per troy ounce after dropping in the previous session due to stronger-than-expected U.S. 2Q GDP data.
Traders continue to anticipate that the Federal Reserve will begin cutting interest rates in September.
Attention is now on the upcoming PCE price index data, expected to show a slight annual slowdown from 2.6% to 2.5%, with potential acceleration in the monthly figure.
Swissquote Bank’s Ipek Ozkardeskaya notes that unless the data is catastrophic, the Fed is likely to hint at a fall rate cut during their next meeting.
Author : Arman Shaban
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