Would you like to receive notifications on latest updates of the following headlines?

Gold Eyes First Weekly Gain in Four Weeks on Cooling US Inflation

POSTED ON June 14, 2024 •   Business      BY Abiodun Saheed Omodara •   VIEWS 32
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. l Credit: REUTERS/Arnd Wiegmann

Gold prices increased on Friday and were on track for their first weekly rise in four weeks, as US economic data suggested a decrease in price pressures, raising hopes of a potential rate cut by the Federal Reserve. 

As of 0654 GMT, spot gold was up 0.4% at $2,311.39 per ounce, with a 0.5% gain for the week so far. 

US gold futures also rose 0.4% to $2,326.40, according to Reuters. 
ANZ commodity strategist Soni Kumari stated, "Market sentiment is leaning towards two interest rate cuts this year due to softening inflation numbers, creating a favourable environment for the Fed." 

However, short-term fluctuations in gold prices may occur due to sentiment, providing a buying opportunity for investors who missed the initial rally. 

Recent data indicated a decline in US producer prices in May, reinforcing the expectation of a Fed rate cut in September. Traders are now seeing a 67% probability of a rate cut in September, compared to 63% prior to the producer prices data. 

Lower interest rates would decrease the cost of holding non-yielding bullion. 
"Continued weakness in inflation would be beneficial for gold, as it would enhance its appeal during potential rate cuts this year," said Kyle Rodda, a financial market analyst at Capital.com.

Spot silver, platinum, and palladium also saw price increases on Friday, but all three metals were still set for weekly losses.

RECOMMENDED FOR YOU
NIMC Depends on World Bank's $430M Project to Compensate Frontend Partners
BY Abiodun Saheed Omodara July 4, 2024 0

The director and head of business development and commercial services of the National Identity Manag...

RECOMMENDED FOR YOU
Senate Rates FG low on 2024 Budget Performance
BY Abiodun Saheed Omodara July 4, 2024 0

The Senate has given a poor rating to the executive branch for its handling of the capital portion o...

RECOMMENDED FOR YOU
Vehicle Importation Reduces By 45% Over Forex Crisis – CGC
BY Abiodun Saheed Omodara July 4, 2024 0

The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, has revealed that vehicle i...

RECOMMENDED FOR YOU
Conoil Revenue Increases by 53% To N201.4bn
BY Abiodun Saheed Omodara July 4, 2024 0

Conoil Plc's revenue for the 2023 financial year has increased by 53 percent to N201.4 billion from...

RECOMMENDED FOR YOU
Financial Analysts, Experts Predict downturn for Gulf Stock Markets
BY Abiodun Saheed Omodara July 3, 2024 0

Financial analysts and market experts are anticipating a decline in Gulf stock markets during the up...

RECOMMENDED FOR YOU
Saudi Minister Meets Heads of Meta, Google to Boost Digital Economy
BY Abiodun Saheed Omodara July 3, 2024 0

Saudi Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Swaha, met wi...

RECOMMENDED FOR YOU
Notcoin Price Drops By 52%, Hamster Kombat Breaks Two Records
BY Abiodun Saheed Omodara July 3, 2024 0

  The competition in the tap-to-earn crypto project space has intensified, causing Notcoin to...

RECOMMENDED FOR YOU
FirstBank Partners Lagos on Infrastructure
BY Abiodun Saheed Omodara July 3, 2024 0

The Managing Director/Chief Executive Officer of First Bank Nigeria Plc, Olusegun Alebiosu, has indi...

OUR CHANNELS:

OTHER ARTICLES ::

5th July, 2024
NIMC Depends on World Bank's $430M Project to Compensate Frontend Partners
BY Abiodun Saheed Omodara July 5, 2024 0

The director and head of business development and commercial services of the National Identity Manag...


Cholera: Benue Records 16 Suspected Cases, Four Deaths
BY Abiodun Saheed Omodara July 5, 2024 0

Benue State has recorded four deaths from suspected cases of cholera. The State Epidemiologist, Dr...


NAFDAC Seals 4 Unregistered Bakeries in Rivers
BY Abiodun Saheed Omodara July 5, 2024 0

The National Agency for Food and Drug Administration and Control has closed down four unregistered b...


AFCON Qualifiers: Nigeria face Benin, Libya, Rwanda in Group D
BY Abiodun Saheed Omodara July 5, 2024 0

Nigeria has been drawn in Group D alongside Benin, Libya, and Rwanda for the 2025 Africa Cup of Nati...


Breaking: Hezbollah Drone, Rocket Attacks Hit Golan Heights in Galilee
BY Benedicta Bassey July 5, 2024 0

Fires are raging across numerous locations in the north after the massive Hezbollah rocket and drone...


India Modi To Hold Talk with Putin July 8 Says Kremlin
BY Benedicta Bassey July 5, 2024 0

The Kremlin on Thursday said Indian Prime Minister Narendra Modi will visit Russia on July 8-9 and h...


Filipino Forces To Fight Against Assault From China's Coast, Says Military Chief
BY Benedicta Bassey July 5, 2024 0

Philippine's military chief, Gen. Romeo Brawner Jr., has warned that its forces will fight back if t...


Ruth Kadiri Vows To Change Nigerian Movie Pattern
BY Ebiakuboere England July 4, 2024 0

Nollywood actress and filmmaker, Ruth Kadiri has committed to transforming the Nigerian cinematic la...


Labour Poised To Win As UK Elects PM
BY Benedicta Bassey July 4, 2024 0

Britons will today, Thursday, head to the poll for the general election widely expected to return th...


UNIBEN Shuts Down Academic Activities Indefinitely Over Protest
BY Benedicta Bassey July 4, 2024 0

The authorities of the University of Benin (UNIBEN) on Thursday shut down academic activities in the...


Menu