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Gold Prices Edge Up as Investors Await Fed Insights and Economic Data

24 Jun 2024 8:33 am
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Mumbai, 24 Jun (Commoditiescontrol): Gold prices inched higher on Monday as Treasury yields edged lower, while investors awaited economic data and comments from Federal Reserve officials this week for clarity on the U.S. central bank's timeline for potential interest rate cuts.

Spot gold rose by 0.2% to $2,324.36 per ounce, while U.S. gold futures also edged 0.2% higher to $2,336.70 per ounce. The decline in benchmark 10-year U.S. Treasury yields, which were last at 4.2496%, made non-yielding bullion more attractive to investors.

U.S. business activity hit a 26-month high in June, driven by a rebound in employment. Additionally, data from last week showed a moderate fall in first-time applications for U.S. unemployment benefits.

Traders are closely watching the U.S. core personal consumption expenditures (PCE) price index report, the Federal Reserve's preferred measure of inflation, due on Friday for further insights on the timing and scale of rate cuts. Comments from Federal Reserve officials scheduled to speak this week are also highly anticipated by investors.

According to the CME FedWatch Tool, traders are currently pricing in about a 66% chance of a Fed rate cut in September. Lower interest rates typically reduce the opportunity cost of holding non-yielding bullion, thereby supporting gold prices.

Meanwhile, Swiss gold exports in May declined compared to the previous month due to reduced shipments to India and Hong Kong, according to customs data. In India, the world's second-largest gold consumer, physical bullion demand slowed last week as prices approached near-record high levels, dampening retail purchases in the absence of festivals.

In other precious metals, spot silver rose 0.1% to $29.55 per ounce, platinum dipped 0.2% to $990.30, and palladium lost 0.1% to $947.50.

(By Commoditiescontrol Bureau: 09820130172)

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