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Gold prices remain steady

17 May 2024 , 09:39 AM

Due to traders’ increased expectations of a Federal Reserve interest rate cut later this year following recent U.S. inflation data, gold prices remain stable on Friday.

Spot gold remained steady at $2,377.09 an ounce. Price of gold increased by 0.7% this week. Gold futures decreased by 0.2% to $2,381.20.

Compared to its competitors, the dollar index has dropped 0.7% this week, lowering the price of gold for holders of other currencies.

While job growth is slowing, the number of Americans submitting new claims for unemployment benefits decreased last week, reversing almost half of the spike at the beginning of the month. This suggests that labour market conditions are still very tight.

This week’s data gave the US Federal Reserve good news on two fronts, but officials haven’t yet publicly changed their opinions over when the rate cuts that investors are confident will begin this year.

The opportunity cost of storing non-yielding gold is decreased by lower interest rates.

Raphael Bostic, president of the Atlanta Fed, stated that the April inflation report may have provided crucial hints on the trajectory of inflation, notably a slower increase in housing costs.

The Federal Reserve is being urged to exercise caution and maintain its reliance on statistics by the International Monetary Fund, which sees recent U.S. inflation data as “overall higher than we would like to see”.

To prepare for a $43 billion takeover attempt by Australia’s BHP Group and to simplify and increase value, Anglo American has halted employment worldwide.

Asian markets open the session with hopes of capping off a solid week on a high note. Unless investors decide to take some profits before the weekend, there doesn’t seem to be any compelling reason why the recent uptrend should cease.

Spot silver was unchanged at $29.61 an ounce, palladium dropped 0.5% to $989.44, and platinum increased 0.4% to $1,061.80.

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Related Tags

  • Federal reserve
  • gold
  • interest rates
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