Gold firms on Fed rate cut hopes; investors await more US data
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Gold prices edged higher on Monday as signs of cooling U.S. inflation lifted hopes for interest rate cuts from the Federal Reserve this year, while traders awaited a slew of U.S. economic data due this week. Spot gold was up 0.2% at $2,331.84 per ounce as of 09:49 a.m. ET (1349 GMT), after posting a 2% gain last month. Prices hit an all-time high of $2,449.89 on May 20. Traders are currently pricing in about a 56% chance of a cut in September, according to CME FedWatch tool. Data on Friday showed that the U.S. had stabilised in April, suggesting the U.S. central bank's interest rate cut plans later this year remained intact. Analysts expect a slowdown in U.S. economic data to allow the Fed to cut interest rates later this year and lift gold prices. Meanwhile, the Reserve Bank of Australia is seen almost certain to trim rates by a quarter point to 3.75% on Thursday, which could make it the first major central bank to cut rates this cycle. Spot silver eased 0.2% to $30.31 per ounce, platinum slipped 0.9% at $1,028.85 and palladium gained 1.8% to $929.54.
#Gold #FederalReserve #UsData #InterestRates #Inflation #EconomicData
https://m.economictimes.com/markets/commodities/news/gold-firms-on-fed-rate-cut-hopes-investors-await-more-us-data/articleshow/110672430.cms
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