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Gold prices edge higher

20 Jun 2024 , 09:14 AM

Gold prices rose on Thursday as weak U.S. economic performance fueled hopes that the Federal Reserve would lower interest rates this year.

The spot gold price was up 0.2% at $2,331.38 per ounce. Gold futures fell 0.1% to $2,345.00.

With recent statistics indicating a downturn in the labour market and pricing pressures, the US Fed is searching for additional confirmation that inflation is falling as it moves gradually towards what most estimate to be one or two interest rate cuts by the end of the year.

Last month, U.S. retail sales increased by 0.1%, according to the Commerce Department’s Census Bureau. Reuters polled economists, who predicted that retail sales would rise by 0.3% in May.

Investors are now focusing on weekly unemployment claims expected at 1230 GMT and flash purchasing managers’ indexes on Friday, which could provide more insight into consumption and economic health.

Austan Goolsbee, President of the Chicago Federal Reserve Bank, called the most recent consumer price inflation data “excellent” on Tuesday and predicted additional inflation to fall this year.

According to the CME FedWatch Tool, traders are currently pricing in a 66% possibility of the Fed cutting interest rates in September.

Meanwhile, Britain’s central bank appears certain to keep interest rates at a 16-year high of 5.25% as underlying inflation pressures remain persistent.

Spot silver increased 0.5% to $29.91 per ounce; platinum fell 0.2% to $978.42; while palladium fell 0.2% to $903.25.

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Related Tags

  • Federal reserve
  • gold
  • inflation
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