Gold News – 30.Jul.2024
Gold News
Support Factors: Anticipated interest-rate cuts in the U.S. and renewed interest from Western investors are expected to support gold prices.
Demand Increase: Gold demand rose 4% year-on-year to 1,258 metric tons in the second quarter, the highest since 2000.
Record Prices: Prices hit a record of $2,427 per troy ounce, with an average of $2,338 per troy ounce, up 18% from the previous year.
Future Outlook: The World Gold Council (WGC) believes gold prices could maintain or increase in the second half of the year due to strong fundamental support.
Current Trading: Gold futures were up 0.3%, trading at $2,385.80 per troy ounce as of 0545 GMT.
Central Bank Activity: Central banks increased holdings to 184 tons, a 6% increase year-on-year, despite a slowdown from the previous quarter.
Over-the-Counter Transactions: These rose 53% to 329 tons.
Jewelry Demand: High prices led to a 19% decline in jewelry demand, reaching a four-year low of 391 tons.
Investment Trends: Lower U.S. borrowing costs are expected to attract more Western investors, balancing out weaker consumer demand and potentially slower central-bank purchases.
Economic and Geopolitical Support: Uncertainties are likely to sustain demand for gold bars and coins.
Analyst Insight: Louise Street from the WGC notes increased inflows into gold ETFs due to anticipated U.S. Fed rate cuts, suggesting a potential shift in demand dynamics.
Author : Arman Shaban
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