Wednesday, February 28, 2024

Gold prices are marginally lower, heading towards monthly gains

Date:

During today’s trade, Thursday, November 30 (2023), gold prices fell marginally, heading for monthly gains. It has hit a seven-month high.

Investors are waiting for a headline check on inflation to see if a US interest rate cut could come sooner than expected.

Yesterday, Wednesday, data from the U.S. Census Bureau showed that U.S. real GDP grew at an annual rate of 5.2% in the third quarter of 2023, beating expectations that had predicted 5% growth.

Yesterday, Wednesday, November 29, gold prices closed the trade up around $7, following the release of US data on domestic production, continuing their fourth straight session of gains.

Gold price today

At 07:24am GMT (10:24am Mecca time), gold futures – for delivery in February 2024 – rose 0.12%, or the equivalent of $2.4, to $2,064.7 an ounce.

The price of spot gold delivery contracts also fell 0.01% to $2,043.95 an ounce, and is on track for a second consecutive monthly gain, according to data seen by the specialist energy site.

On the other hand, the spot price of silver rose 0.34% to $25.10 an ounce, the spot price of platinum was up about 0.28% to $937.29 an ounce, and the spot price of palladium was down 0.98% to $1021.85. An ounce.

And he went up Dollar symbol – It tracks the performance of the US currency against 6 major currencies – 0.05%, reaching 102.82 points.

Gold jewelry at an Indian fair – Photo Reuters

Gold Price Analysis

IG market strategist Yip Jun Rong said: “Gold prices look set to take a breather during today’s session, awaiting US personal consumption expenditure data – the central bank’s preferred measure of inflation – scheduled for release at 01:30 pm GMT (04:30 pm Mecca time). ), has been reported as Reuters.

See also  Neste supplies 3 million gallons of sustainable fuel to Emirates Airlines

Third quarter GDP was a nice surprise; The sentiment follows recent comments from Federal Reserve officials as the data failed to influence market races for a rate cut.

Federal Reserve officials this week hinted at the possibility of cutting interest rates in the coming months and expect growth to slow and inflation to continue to decline; This led to 10-year Treasury yields falling to a two-and-a-half-month low of 4.2470%.

Traders now see the US Federal Reserve cut interest rates from an 80% chance in May to a one-in-two chance in March.

Investors will also pay attention to comments from Federal Reserve Chairman Jerome Powell, who is scheduled to speak on Friday.

Related topics..

Also read this…

Subscribe to the newsletter to receive the most important energy news.

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

Share post:

Popular

More like this
Related

The Future of Gambling in the UAE: Economic, Legal, and Social Dimensions

The United Arab Emirates (UAE) is on the brink...

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...

AFC Champions League 2023/24: Last-16 Fixtures, Latest Odds & Preview

The 2023/24 AFC Champions League group stage has been...