New York Gold Market Conditions: Gold closes at $45.40 on weak dollar – hopes for interest rate cuts by InfoQuest

InfoQuest – New York gold futures closed higher on Friday (August 16), supported by a weak dollar on higher expectations the US Federal Reserve (Fed) will cut interest rates in September. Tensions in the Middle East have also increased demand for gold.

The COMEX (Commodity Exchange) gold contract will be delivered in December. Up 45.40 or 1.82% to close at $2,537.80/ounce. and rose 2.8% this week.

Cash contract for December delivery. Up $0.436 or 1.51% to close at $29.264/oz.

Platinum contract for delivery in October. fell $2.70 or 0.28% to close at $962.40/oz.

Palladium contract for September delivery. Up $6.70 or 0.72% to close at $943.60/ounce.

The dollar index fell 0.4%, its fourth weekly decline, making gold attractive to investors who hold other currencies.

Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech on the economic outlook next Friday, the first day of the Kansas City Fed’s annual economic meeting in Jackson Hole, Wyoming

Featuring the Producer Price Index and Consumer Price Index for July this week. This shows that US inflation is falling. This could lead the Fed to cut interest rates by 0.25% next month.

Auston Goolsby, president of the Chicago Fed, said: The US economy shows no signs of overheating, so central bank officials should be cautious about keeping policy tight beyond is necessary.

“Ongoing geopolitical conflict and potential escalation of conflict involving Iran. including the war in Ukraine All of these factors are affecting the demand for gold as a safe-haven asset,” said Everett Millman, chief market analyst at Gainesville Coin.

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