Gold prices are set for a fourth consecutive monthly gain
🪙 GOLD NEWS
🌐 IMPORTANT
⭐️ EXCLUSIVE
📆 31.05.2024
➖➖➖➖➖➖➖➖➖➖➖
• Gold prices are set for a fourth consecutive monthly gain, remaining unchanged at $2,343.63 per ounce as of 0726 GMT.
• Weekly gold prices are up 0.4%, and monthly prices are up 2.5%.
U.S. gold futures are flat at $2,341.80 per ounce.
• Monthly gains are driven by central bank buying and geopolitical risks.
• Market is awaiting U.S. core Personal Consumption Expenditures (PCE) price index data, the Fed's preferred inflation measure, to be released at 1230 GMT.
• Weaker U.S. GDP growth may prompt policy easing, but inflation progress remains crucial.
• Any increase in PCE could pressure gold, but a significant decline is unlikely with buyers defending the $2,300 level.
• Traders have reduced rate-cut expectations due to recent hawkish Fed comments.
• Higher interest rates increase the opportunity cost of holding non-yielding gold.
🌐 IMPORTANT
⭐️ EXCLUSIVE
📆 31.05.2024
➖➖➖➖➖➖➖➖➖➖➖
• Gold prices are set for a fourth consecutive monthly gain, remaining unchanged at $2,343.63 per ounce as of 0726 GMT.
• Weekly gold prices are up 0.4%, and monthly prices are up 2.5%.
U.S. gold futures are flat at $2,341.80 per ounce.
• Monthly gains are driven by central bank buying and geopolitical risks.
• Market is awaiting U.S. core Personal Consumption Expenditures (PCE) price index data, the Fed's preferred inflation measure, to be released at 1230 GMT.
• Weaker U.S. GDP growth may prompt policy easing, but inflation progress remains crucial.
• Any increase in PCE could pressure gold, but a significant decline is unlikely with buyers defending the $2,300 level.
• Traders have reduced rate-cut expectations due to recent hawkish Fed comments.
• Higher interest rates increase the opportunity cost of holding non-yielding gold.
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