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The path for both gold and silver prices is going to continue to be sideways to higher and I would not be surprised to see a new record high here in the coming weeks or even sooner: Jim Wyckoff, senior market analyst at Kitco Metals | Representative Image
Gold prices gained on Monday, hovering near a more than one-month high hit last week, aided by hopes for interest rate cuts from the Federal Reserve as traders await for more comments from Fed officials to gauge the timing of those cuts.
Spot gold rose 0.4per cent at $2,421 per ounce, as of 1415 GMT. U.S. gold futures were up 0.2per cent at $2,426. Spot gold prices hit a record high of $2,449.89 per ounce on May 20.
Fed Chair Jerome Powell is due to speak later in the day. Data sets due this week include U.S. retail sales, industrial output for June and weekly jobless claims.
“The path for both gold and silver prices is going to continue to be sideways to higher and I would not be surprised to see a new record high here in the coming weeks or even sooner,” said Jim Wyckoff, senior market analyst at Kitco Metals.
Weaker-than-expected GDP data from major gold consumer China might be limiting buying interest in the gold market today, Wyckoff added.
China’s economy grew 4.7per cent in April-June, official data showed, missing analysts’ forecast of 5.1per cent growth in a Reuters poll.
The dollar held steady, while long-dated U.S. bond yields rose, as investors weighed whether the assassination attempt on Trump increased his chances of victory. [MKTS/GLOB]
“Risks are just kind of balanced on each side and I think that (gold is) going to probably trend sideways for that reason,” said Everett Millman, chief market analyst with Gainesville Coins.
According to the CME FedWatch Tool, markets now see a 94per cent chance of a U.S. rate cut in September. Non-yielding bullion’s appeal tends to shine in a low-interest-rate environment.
Spot silver rose 0.2per cent to $30.82, platinum shed 0.1per cent at $997 and palladium dropped 1.2per cent to $957.92.
Meanwhile, India’s four-week platinum imports from mid June eclipsed 2023’s total as bullion dealers exploited a loophole by registering alloys containing around 90per cent gold as platinum to avoid higher duties, government and industry officials told Reuters.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 15 2024 | 9:37 PM IST
