Gold Stalls: Traders Await US Data Release

25 Jul 2024 , 09:21 AM

Gold prices were little changed on Thursday as investors awaited US economic data to determine the timing of the central bank’s interest rate decreases.

The spot gold price remained constant at $2,398.17 per ounce. Gold futures fell 0.8% to $2,397.40.

Markets are waiting for the United States’ gross domestic product (GDP) reading at 1230 GMT, as well as personal consumption expenditure data, the Fed’s preferred indicator of inflation, on Friday.

Traders anticipate that the US Federal Reserve will lower interest rates in September. The appeal of non-yielding bullion is particularly strong in a low-interest-rate environment.

Data released on Wednesday revealed that the United States’ trade deficit in goods reduced in June for the first time this year, owing to a broad rebound in exports, but this was likely insufficient to keep trade from being a drag on economic growth in the second quarter.

Newmont Corp outperformed Wall Street expectations for second-quarter profit, benefiting from strong output and rising gold prices.

Gold prices are expected to reach new highs in the next months, while platinum and palladium will remain below $1,000 per ounce in 2024, according to a Reuters poll.

Spot silver lost 0.5% to $28.84 per ounce, platinum held steady at $948.00, and palladium eased 0.3% to $930.25.

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