Friday, June 21, 2024

Gold prices fell following the release of US economic data


Gold prices fell on Tuesday after the release of strong US economic data, and traders’ attention now turned to Federal Reserve Chairman Jerome Powell’s speech to determine the future path of interest rates. .

By 18:08 GMT, spot gold was down 0.6 percent at $1911.53 an ounce, while U.S. gold futures were down 0.5 percent at $1923.80 an ounce.

U.S. consumer confidence rose to its highest level in nearly a year and a half in June, while single-family home sales rose a better-than-expected 12.2 percent in May.

“Gold is not happy with this news as better economic data will lead to expectations that the US Federal Reserve will tighten its policy, which will also raise (Treasury bond) yields,” said Edward Moya, senior market analyst at OANDA.

Investors await Powell’s speech at the Monetary Policy Committee on Wednesday ahead of the release of other key economic data on Thursday.

As for other precious metals, spot silver rose 0.1 percent to $22.79 an ounce, heading for a third straight session of gains.

Platinum fell 0.2% to $922.78 an ounce, while palladium fell 0.6% to $1,297.89.

See also  Today, Monday, June 20, 2022, the rise of the Turkish lira against the Saudi rial
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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