Gold News – 29.Jul.2024
Gold News
Current Price: Gold rose above $2,400 per ounce on Monday but now the price is $2391 (SPOT GOLD)
Rate Cut Expectations: Hopes for Federal Reserve rate cuts are driving gains, with markets fully pricing in a rate cut in September and two additional cuts by the end of the year.
June PCE Reading: The US June PCE reading met forecasts, but the core rate increased by 0.2%, slightly above expectations.
Geopolitical Tensions: Rising tensions in the Middle East, particularly between Israel and Hezbollah, are supporting safe-haven assets like gold. Israel blamed Hezbollah for a strike that killed 12 people, which Hezbollah denies.
Federal Reserve Meeting: The Federal Open Market Committee meets on July 30-31 and is expected to keep rates unchanged, but market expectations lean towards a rate cut in September.
Bullion’s Stability: Gold thrives in a low-interest-rate environment and is a favored hedge against geopolitical and economic risks.
Other Precious Metals: Spot silver gained 0.9% to $28.14 per ounce, platinum rose 0.9% to $943.40, and palladium was up 1.1% to $909.71.
Indian Market: Gold premiums in India reached their highest level in a decade due to a surge in demand following the government’s move to cut import duties.
Author : Arman Shaban
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