Wednesday, February 28, 2024

Gold prices are marginally lower, heading towards monthly gains


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.

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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.

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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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