Gold prices set for weekly decline ahead of US inflation data

​Spot gold dipped 0.1% to $2,331.15 per ounce as of 0136 GMT. Prices are down nearly $100 from the all-time high of $2,431.29 scaled on April 12, fuelled by geopolitical turmoil.

edged lower on Friday and were set for a weekly decline as investor attention turned to key U.S. for cues on the 's trajectory.

FUNDAMENTALS

* Spot gold dipped 0.1% to $2,331.15 per ounce as of 0136 GMT. Prices are down nearly $100 from the all-time high of $2,431.29 scaled on April 12, fuelled by geopolitical turmoil.

* Bullion prices are down 2.5% so far for the week. * U.S. gold futures were unchanged at $2,343.50 per ounce.

* Markets are awaiting U.S. March personal consumption expenditure (PCE) data - the Fed's preferred inflation gauge - due at 1230 GMT.

* The U.S. economy grew at its slowest pace in nearly two years in the first quarter but an increase in inflation reinforced expectations the Fed would not cut interest rates before September.

* Recent remarks from Fed officials hinted the central bank was in no hurry to cut rates. * Higher rates reduce the appeal of holding non-yielding gold.

* Top consumer China's net gold imports via Hong Kong jumped 40% in March from the previous month, data showed.

* JP Morgan said on Thursday that gold's structural bull case remains intact, with a peak target of $2,600.

* Newmont Corp beat Wall Street estimates for first-quarter profit as the world's largest gold miner benefited from robust production, higher prices and lower operating expenses.

* Elsewhere, the Bank of Japan is set to project inflation will stay near its 2% target in the coming years and signal its readiness to raise rates from near-zero in the hope of keeping yen bears from pushing the currency to fresh 34-year lows.

* Spot silver fell 0.1% to $27.40 per ounce, platinum was up 0.6% at $919.90, while palladium gained 1.1% to $984.73.

Source: Commodities-Markets-Economic Times

Publicații recente
China response key to crude oil after new sanctions on Russia: Russell
17.01.2025 - 19:00
Oil prices slip lower; profit-taking after recent rally
17.01.2025 - 19:00
Maritime sources expect Houthis to halt Red Sea attacks after Gaza deal
17.01.2025 - 19:00
Canada minister says retaliatory tariffs could include critical minerals
17.01.2025 - 19:00
US gas supercycle is coming: Bernstein
17.01.2025 - 19:00
Morgan Stanley raises U.S. natural gas price forecast for 2025
17.01.2025 - 19:00
Trump's Treasury pick Bessent calls for stronger sanctions on Russia over Ukraine war
17.01.2025 - 19:00
Yemen's Houthis to continue attacks if Gaza ceasefire breached
17.01.2025 - 19:00
Oil settles lower on expected halt to Houthi shipping attacks
17.01.2025 - 19:00
US CDC recommends faster testing for bird flu in hospitalized patients
17.01.2025 - 19:00
Trump's pick to lead EPA says agency authorized, not required to regulate CO2
17.01.2025 - 19:00
Trump's Interior Department nominee says boosting energy key to US security
17.01.2025 - 19:00
Gold prices scales $2,700/oz level to over one-month high
17.01.2025 - 19:00
Biden administration moves to protect more of Alaska refuge from drilling
17.01.2025 - 19:00
Democratic states brace for Trump by launching defense of Biden policies
17.01.2025 - 19:00

© Analytic DC. All Rights Reserved.

new
Analiza pieței Cum va afecta raportul NFP de mâine cursul de schimb al dolarului american?