Tuesday gold prices were unchanged as investors wait for important U.S. inflation data that may provide further hints about the Federal Reserve’s likely course of action.
Spot gold was unchanged at $2,335.93 an ounce. The price of gold dropped 1% on Monday. Gold futures dropped to $2,341.60, down 0.1%.
This week, the U.S. Producer Price Index (PPI) data on Tuesday and the Consumer Price Index (CPI) data on Wednesday will be the main focus of the markets.
According to a Federal Reserve Bank of New York report this month, Americans readied themselves expecting generally increased inflation pressures over the next few years and quickening increases in property prices.
A larger majority of economists surveyed by Reuters predict that the Fed will likely lower its benchmark interest rate twice this year, beginning in September.
The opportunity cost of storing non-yielding gold is decreased by lower interest rates.
According to the central bank of India, the proportion of gold in the nation’s foreign reserve increased. At the end of March, it was 8.15%, up from 7.37% at the end of September.
According to the World Platinum Investment Council, the global platinum shortfall in 2024 will be more severe than anticipated because of decreased supply from Russian and South African mines.
Despite another year of structural deficit for all three of the group’s metals, average prices for platinum, palladium, and rhodium are predicted to decline this year compared with 2023, according to consultant Metals Focus.
The largest listed miner in the world, BHP Group, announced that Anglo American had turned down a revised takeover offer that valued the business at 34 billion pounds ($42.67 billion).
In order to retake a territory from Hamas rebels, Israeli forces advanced far into the ruins of Gaza’s northern border.
Spot silver increased by 0.4% to $28.29 an ounce, palladium increased by 0.3% to $964.86, and platinum increased by 0.3% to $999.74.
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