Gold prices down

29 May 2024 , 09:55 AM

Gold futures are up 0.1% at $2,358.30, while spot gold is down 0.1% at $2,357.70 per ounce.

In an interview with CNBC, Minneapolis Federal Reserve Bank President Neel Kashkari stated that the United States central bank should hold off on lowering interest rates until there has been a noticeable improvement in inflation.

Investors are currently awaiting the Friday April reading of the personal consumption expenditures price index (PCEPI), which is the preferred inflation indicator used by the US central bank.

According to the CME FedWatch Tool, traders’ bets indicated rising scepticism that the Fed will lower rates more than once in 2024, with a 60% chance of a rate decrease by November presently priced in.

Although gold is seen as an inflation hedge, owning non-yielding gold has a greater opportunity cost as interest rates rise.

After Gaza health officials reported that Israeli tank shelling had killed at least 21 people at a tent camp west of Rafah, an area Israel had declared a civilian evacuation zone, Israel’s military denied attacking the camp.

Sibanye Stillwater, a precious metals producer in South Africa, saw its shareholders approve a resolution to convert $500 million in bonds issued the previous year into shares.

The world’s largest miner, Anglo American, is running out of time to submit a legally binding offer, and insiders indicated that BHP was having difficulty reaching a consensus with the company during negotiations over its takeover offer, offering no fresh concessions.

Spot silver decreased by 0.5% to $31.95 per ounce, while palladium increased by 0.1% to $973.47 and platinum decreased by 0.9% to $1,054.10.

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