Gold prices fell around $3 during today’s trading, Tuesday, May 7, 2024, with the US currency index rising against a basket of major currencies.
This comes as a result of the uncertainty of the ceasefire in Gaza, and the bet that the Federal Reserve (US central bank) will reduce interest rates later this year.
She was gold prices It ended trading yesterday, Monday, May 6, with an increase of about $23, amid the expectations of a series of comments from Federal Reserve officials for more indications regarding the timetable for reducing interest rates.
Gold prices today
By 07:02 AM GMT (10:02 AM Mecca time), gold futures prices, for delivery in June 2024, fell 0.12%, or the equivalent of $2.7, to reach $2,328.50 an ounce.
Contract prices for immediate delivery of gold also fell 0.20%, reaching $2,319.38 an ounce, according to data seen by the specialized energy platform.
Spot metal prices also declined Money By 0.78% to $27.23 per ounce, while the price… Platinum Spot rose 0.03% at $959.48 an ounce, while the price of… Palladium Spot rose 0.20%, registering $978.55 per ounce.
At the same time, he got up Dollar index – which monitors the performance of the US currency against 6 major currencies – by 0.13%, reaching a level of 105.19 points.
Gold jewelry on display – photo from Reuters
Gold price analysis
“Gold has been slowly building a base over the past week, showing demand around $2,280,” said City Index senior analyst Matt Simpson. At low levels.
The President said Federal Reserve In New York, John Williams said yesterday, Monday, that the US Central Bank will reduce its interest rate target by an unspecified amount.
Traders expect a 67% chance of a Fed rate cut in September, according to FedWatch, as lower rates make it more attractive to hold gold without interest.
Simpson said “fear of a Gaza ceasefire collapse” also helped gold prices, the report said. Reuters.
Investors are also keeping a close eye on the latest developments in the conflict in the Middle East, after Hamas on Monday agreed to a ceasefire proposal in Gaza from mediators, but Israel said that the terms did not meet his demands, and he went ahead with strikes in Rafah, while Israel said. plan to continue negotiations when they reach an agreement.
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2024-05-07 07:25:58
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