Precious Metal Market
Gold prices rose more than 1% on Thursday from the over two-week low touched in the previous session, as the dollar softened and the spotlight shifted to key U.S. inflation data for clues on the Federal Reserve’s policy path.
Gold prices steadied on Thursday after falling to a two-week low in the previous session, while investors awaited U.S. inflation data for insights into how soon the Federal Reserve will cut interest rates.
Gold prices were subdued on Wednesday ahead of crucial U.S. inflation data due this week, which could offer more clarity on the timing of the Federal Reserve’s first interest rate cut this year.
Gold prices edged up on Monday as Treasury yields fell, while investors awaited key U.S. inflation data and Federal Reserve officials’ comments through the week for fresh clues on the potential timing of the central bank’s interest rate cut.
Gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year.
By Octa
Gold Remains Indecisive, the XAU/USDpair has been trading within a sideways range of $2,300.00—$2,333.00 since the start of the week. Yesterday, it saw a modest increase of 0.45%. The US retail sales report fell short of investor expectations, leading to a decline in theUS Dollar Index(DXY). However, the market responded cautiously to this news.
Gold prices edged higher on Tuesday after softer-than-expected U.S. retail sales data cemented hopes that the Federal Reserve will reduce interest rates this year, sending the dollar and Treasury yields lower.
Gold prices edged higher on Tuesday as Treasury yields eased, with market participants awaiting U.S. data and comments from Federal Reserve officials for more clarity on the central bank’s roadmap for interest rate cuts.
Gold prices extended losses to over 1% on Thursday after cooler-than-expected U.S. producer price data with analysts attributing the price drop to profit-taking.
Gold prices fell on Thursday after the U.S. Federal Reserve in its most recent policy meeting scaled back to only one interest rate cut later this year, fewer than previously projected, even as inflation cooled in May.
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