Tuesday, 9 July 2024 01:25 WIB | GOLD |GOLDEMAS
Gold prices fell more than 1% on Monday (8/7), hit by a risk-on rally in equities as well as profit-taking by investors following a sharp rally in the previous session on expectations that the US Federal Reserve could cut rates. flowers in September.
Gold prices on the spot market fell 1.4% to $2,357.88 per ounce at 14:04 US Eastern time (1804 GMT), after rising to the highest level since May 22 on Friday.
Meanwhile US gold futures closed 1.4% lower at $2,363.50.
Meanwhile data last week showed a weakening labor market that kept the US central bank on track to cut interest rates soon.
Markets are currently pricing in a 71% probability that the Fed will cut interest rates in September and another cut in December.
Investors this week will focus on Fed Chair Jerome Powell’s semi-annual Congressional testimony, comments from a series of Fed officials, and US inflation data due on Thursday.
Elsewhere, China’s top consumer central bank refrained from buying gold for its reserves for a second straight month in June.
Spot silver prices slipped 1.7% to $30.68 per ounce, platinum fell 2.4% to $1,001.75 and palladium fell 1.5% to $1,010.87.(yds)
Source: Reuters