Gold News – 29.May.2024

Gold News – 29.May.2024

XAUUSD GOLD EURUSD GBPUSD Forex Gold Master Arman Shaban

Gold News

Gold Futures Decline: Gold futures dropped by 0.2% to $2,352.7 per troy ounce.

Federal Reserve Commentary : Several Federal Reserve officials made statements that dampened hopes for monetary policy easing.

U.S. Dollar Recovery : The precious metal’s decline is influenced by a modest recovery in the U.S. dollar.

Interest Rates : Minneapolis Fed President Neel Kashkari indicated that interest rates would be held steady or even raised if necessary.

Inverse Relationship : Gold typically moves inversely to interest rates, with higher rates reducing demand for non-interest-bearing bullion.

Upcoming Focus : Market attention now shifts to Friday’s U.S. Personal Consumption Expenditure numbers, which will provide clues about the central bank’s next steps.

Impact on Gold : A higher-than-expected reading could put additional pressure on gold prices.

Author : Arman Shaban
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