Gold prices largely stable

10 Jun 2024 , 10:12 AM

Following a steep sell-off in the previous session due to better-than-expected U.S. jobs data, gold prices remained stable on Monday. Investors will be watching this week’s Federal Reserve policy meeting for further guidance.

Spot gold was up 0.1% at $2,295.29 an ounce. Gold futures dropped 0.5% to $2,312.20.

Following the release of the U.S. jobs report and data from China indicating that the world’s largest consumer postponed buying gold in May after 18 months of purchases, the price of bullion fell 3.5% on Friday, marking the largest decrease since November 2020.

The jobs report caused traders to reevaluate when and how much they anticipate the Fed to lower interest rates. Rate cuts in September are now just around 50% likely, compared to late Thursday when they were about 70% certain.

At its policy meeting, the Fed is not expected to make any changes, but instead, the attention will be on the remarks made by Fed Chair Jerome Powell and the adjustments made by the policymakers to their economic estimates. On Wednesday, there will also be U.S. inflation statistics.

The benchmark U.S. 10-year Treasury yield reached its highest level since June 3, while the dollar reached a record high against its competitors that surpassed one week.

Palladium climbed 1.1% to $922.38, platinum gained 0.8% to $971.10, while spot silver increased by 0.9% to $29.43 per ounce.

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