Gold News – 26.Jun.2024

Gold News

Gold prices were subdued as investors awaited a key U.S. inflation reading.

Spot gold eased 0.3% to $2,312.90 per ounce; U.S. gold futures fell 0.3% to $2,324.80.

The dollar rose 0.2%, making gold more expensive for other currency holders, while 10-year yields also edged higher.

Higher Treasury yields and a stronger U.S. dollar have weakened gold prices due to hawkish Fed comments.

Fed Governor Michelle Bowman suggests holding the policy rate steady, while Lisa Cook hints at future rate cuts.

Upcoming U.S. GDP estimates and PCE price index report are crucial for market direction.

Upside inflation surprises could increase uncertainty around Fed policies, affecting gold.

Despite price dips, buyers are stepping in, with a breach of $2,368 needed to surpass last week’s highs.

Spot silver was unchanged, platinum climbed 1.2%, and palladium lost 0.4%.

Author : Arman Shaban
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