Gold Price Outlook Today: Gold edged higher to just below a record as traders added to bets the US Federal Reserve will cut interest rates three times this year.
- स्टेट ग्रिड अधिक एल्यूमीनियम और कम तांबा खरीद रहा है
- Crude oil prices fall on concerns over Chinese Demand
- Gold prices steady on hopes of US interest rate cut
- भारत में एमसीएक्स सोने और चांदी के लिए रेंज, 15 July 2024
- सोने और चांदी की कीमत आज: सोने चांदी की कीमतें स्थिर, क्योंकि निवेशक फेड भाषण का इंतजार कर रहे हैं
US inflation cools
Spot bullion was up 0.2% to trade just below $2,430 an ounce after rising on Monday to within $11 of the peak set in May. Traders see two quarter-point rate reductions on the cards for 2024 as US inflation cools, and market-implied odds of a third reached about 60% on Monday after Goldman Sachs Group Inc. said it saw a “a solid rationale” for lower rates as soon as July.
After trading in a relatively narrow band throughout June, gold has rallied this month with markets preparing for the Fed’s pivot to easier policy, a shift that should aid the appeal of non-interest-bearing assets. On Monday, Fed Chair Jerome Powell reiterated that recent data offered greater confidence that inflation was heading down to target. Prices have also benefited this year from concerted central-bank buying.
Fed Rate Cut
Bullion is likely consolidating near its previous record-high, but a break above that would require a “significant” shift in Fed rate cut expectations.
“Policy rate expectations are in the driving seat for now. But political uncertainty could take over if we see material developments,” he added.
Republican nominee Donald Trump
The weekend assassination attempt on Republican nominee Donald Trump has remained in focus as investors weighing up the financial and political implications of the attack and the US presidential contest gathers pace. Markets now see rising odds of a victory for Trump, who on Monday picked Ohio Senator JD Vance as his running mate in the race.
Bullion for immediate delivery was 0.2% higher at $2,427.93 at 10:37 a.m. in Singapore after climbing to as much as $2,439.75 on Monday. Dollar Spot Index was up 0.1%, while 10-year Treasury yields fell. Silver rose to just below $31 an ounce, as platinum slipped and palladium edged higher.
