Tuesday, May 21, 2024

Gold posts its first weekly loss on global markets in nearly a month

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According to CNBC Arabia, gold posted its first weekly loss in nearly a month as demand for the safe-haven metal eased.

By the end of the session, gold was up 0.3% at $1,999.9 an ounce, a narrow range of about $6.

Gold is down about 0.8% since the start of the week, its first weekly loss in nearly a month, above the $2,000 level hit last month due to rising tensions in the Middle East.

In other precious metals, silver was up 2.12% to $23.33 an ounce, platinum was up 1.15% to $941.3 and palladium was up 1.61% to $1,128.

The US Federal Reserve has again kept benchmark interest rates steady on the back of economic and labor market growth and inflation, well above the US central bank’s target.

The US Federal Reserve unanimously agreed to keep the federal funds rate in a target range of 5.25%-5.5%, the same level since July.

This is the second straight meeting the FOMC has chosen to hold after 11 rate hikes, including four in 2023.

The decision to keep US interest rates on hold has seen inflation slow from its fastest pace in 2022 and remains largely resilient in the labor market despite interest rate hikes.

US core inflation is currently at 3.7% on an annualized basis, according to the latest reading of the Federal Reserve’s preferred personal consumption expenditure price index.

While that rate has fallen steadily this year, it remains above the central bank’s annual target of 2%.

US Treasury forecasts released earlier this week indicated that the pace of growth would slow to 0.7% in the fourth quarter and 1% for the full year in 2024. Forecasts released by the Federal Reserve in September called for GDP growth of 1.5%. In 2024.

See also  Economic stimulus and corporate recovery support higher oil demand in 2024

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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