Gold prices remain stable as the market eyes the Federal Reserve’s interest rate decision. US economic data releases are expected to provide more information. Traders anticipate interest rate cuts in the coming months. India’s platinum imports have increased due to loophole use. Silver fell, platinum fell slightly, palladium remained stable.
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Gold prices were steady on Tuesday, supported by expectations that the Federal Reserve will cut interest rates this year, while attention focused on U.S. economic data due later in the day for further monetary policy signals.
Gold Fundamentals
- Spot gold was steady at $2,422.12 per ounce by 0021 GMT. Prices on Monday hit their highest since May 20, when they hit a record high of $2,449.89 per ounce.
- U.S. gold futures fell 0.1% to $2,425.60.
- Fed Chairman Jerome Powell said on Monday that three U.S. inflation readings in the second quarter of this year “increase confidence somewhat” that the pace of price growth is returning to the Fed’s target in a durable way, comments that suggest a move toward interest rate cuts may not be too far off.
- Investors will keep an eye on U.S. retail sales data due at 1230 GMT. Fed governors Christopher Waller and Adriana Kugler, as well as other Fed officials, are scheduled to speak this week.
- Traders are betting on a rate cut in September and two more before the end of the year. Lower rates reduce the opportunity cost of holding non-yielding bullion.
- SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.17% to 836.53 tonnes on Monday from 835.09 tonnes on Friday.
- India’s four-week platinum imports from mid-June overtook its 2023 total, as bullion dealers exploited a loophole by registering alloys containing about 90% gold as platinum to avoid higher duties, government and industry officials told Reuters.
- Spot silver fell 1.4% to $30.59 per ounce, platinum fell 0.2% to $993.28 and palladium was steady at $950.31.
- August 2024 Month is very important month for Gold and Silver Prices.
- Indian Budget impact on Gold Prices
DATA/EVENTS (GMT)
- 0900 EU Total Trade Balance SA May
- 0900 Germany ZEW Economic Sentiment July
- 0900 Germany ZEW Current Conditions July
- 1230 US Import Prices YY June
- 1230 US Retail Sales MM June
