Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Gold lingers near one-month high on Fed rate-cut bets.


Date: 08-07-2024
Subject: Gold lingers near one-month high on Fed rate-cut bets
Gold prices eased on Monday but hovered near a more than one-month high scaled in the previous session, after softer U.S. data boosted prospects of an interest rate cut by the Federal Reserve in September.

* Spot gold was down 0.2% at $2,386.58 per ounce, as of 0022 GMT, after rising to its highest level since May 22 on Friday. U.S. gold futures eased 0.2% to $2,393.80.

* Data on Friday showed that the unemployment rate hit a 2-1/2-year high of 4.1%, pointing to a slackening labour market.

* Markets are expecting a 78% chance of a September rate by the U.S. central bank, according to CME's Fedwatch Tool. Traders are also pricing in a rising chance of a second rate cut in December.

* However, bullion prices were capped by news that top consumer China's central bank refrained from gold purchases to its reserves for a second consecutive month in June.

* Last week, physical gold dealers in India offered discounts due to high prices, as they await a potential import duty reduction in the upcoming budget.

* Elsewhere, Perth Mint's gold product sales dipped, while silver sales dropped to their lowest level since June 2019, the refiner said on Friday.

* Spot silver fell 0.2% to $31.15, platinum edged 0.3% lower to $1,024.00 and palladium slipped 0.8% to $1,017.78.


Source Name : Economic  Times
 

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+




Exim Guru Copyright © 1999-2024 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001