Gold prices up today

13 May 2024 , 02:45 PM

On Monday, gold prices gradually increased as expectations of a Federal Reserve interest rate cut increased due to the release of disappointing U.S. employment data.

Spot gold was up 0.1% at $2,361.69 an ounce. Friday saw a two-week peak for bullion prices. Gold futures dropped 0.3% to $2,368.10.

Statistics from the previous week revealed that more Americans than anticipated filed new applications for unemployment benefits, providing another proof that the labour market was gradually cooling.

According to financial markets, the US Federal Reserve will begin its easing cycle in September. Holding gold has a lower opportunity cost when interest rates are lower.

Investors are now anticipating this week’s release of the U.S. Producer Price Index and Consumer Price Index data, which could have a big impact on the price of gold and silver.

In other news, following a night of intense aerial and ground shelling that resulted in 19 deaths and several injuries, Israel deployed tanks into eastern Jabalia in the northern Gaza Strip on Sunday.

As Beijing negotiates difficulties in its attempt to support a faltering economy, China’s consumer prices increased for a third consecutive month in April, but production prices continued to fall, indicating an improvement in domestic demand.

South African miner Sibanye Stillwater, which diversifies its operations, is in talks with lenders to temporarily raise borrowing restrictions following a 72% decline in earnings in the March quarter due to weak platinum group metal (PGM) prices.

Spot silver increased 0.2% to $28.20 an ounce, while palladium decreased 0.6% to $971.71 and platinum decreased 0.3% to $991.53.

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