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Gold prices show some gains today

25 Apr 2024 , 09:10 AM

Gold prices are showing some gains today.

Spot gold is trading currently at around  $2,320.03 per ounce. On April 12, gold reached an all-time high of $2,431.29.

The ounce of U.S. gold futures was down 0.4% at $2,329.00.

Following a hotter-than-expected reading for March consumer price inflation that delayed expectations of a rate drop, investors are waiting for the first-quarter U.S. gross domestic product data, which is coming later in the day, and the March personal consumption expenditures (PCE) report on Friday.

Federal Reserve officials recently signalled that there is no pressing need to lower interest rates. The first Fed rate cut is currently anticipated by traders to occur in September, most likely.

Non-yielding gold becomes less appealing when interest rates rise.

The world’s largest listed mining corporation, Australia’s BHP Group, made an all-share acquisition offer to the multinational British miner Anglo American.

As the Bank of Japan begins its two-day policy meeting, the fall of Asian currencies versus the U.S. dollar and potential measures taken by monetary authorities to stop further weakness dominate the market scene throughout Asia.

Spot silver increased by 0.1% to $27.19 per ounce, while palladium decreased by 0.5% to $995.76 and platinum increased by 0.1% to $903.20.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • gold
  • inflation
  • US Data
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