The gold price is expected to rise today, July 24, 2024.
GLOBAL-PRECIOUS/ (UPDATE 8, GRAPHIC):PRECIOUS-Gold gains ground as investors eye US data for Fed clues
23 July – As investors awaited U.S. economic data that is scheduled for release later this week, hoping for further clarity on the timing of the Federal Reserve’s anticipated rate decrease this year, gold prices moved higher on Tuesday and were poised to end a four-day losing streak.
At 1810 GMT, the spot price of gold was up 0.3% at $2,405.09 per ounce. At $2,407.30, U.S. gold futures ended the day 0.5% higher.
According to Bart Melek, head of commodity strategies at TD Securities, the market has moved its attention from American politics to economic data and “hypothesizing that we are well on track to start seeing rate cuts in September.”
In a Reuters poll, an increasing number of analysts predicted that the Fed would lower interest rates twice this year.
Based on the CME FedWatch Tool, markets are pricing in a 96% possibility of a rate drop by the US Federal Reserve in September.
This week’s highlights include the latest personal consumption expenditures price index, the Fed’s preferred inflation indicator, which is due on Friday, and the U.S. gross domestic product data for the second quarter, which is announced on Thursday.
“Anything weaker than expected would be positive, mainly because it would convince the markets that the U.S. central bank is easing monetary policy in September,” Melek stated.
In the meantime, India, the second-largest bullion consumer in the world, reduced import levies on gold and silver, a move that industry executives predicted would increase retail demand and lessen smuggling.
Increased demand from India for gold may drive up prices worldwide.
Following the announcement, local gold prices dropped by almost 6% to their lowest point in over three months.
“The yellow metal’s overall technical stance is still optimistic. According to Jim Wyckoff, senior market analyst at Kitco Metals, “that keeps luring chart-based speculators to the long side of the market, including doing some perceived bargain hunting when the market dips.”
Spot silver decreased by 0.4% to $29.11, palladium increased by around 1.8% to $924, and platinum decreased by 0.2% to $945.01.
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