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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

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