Loading prices...

Register/Sign in
ScrapMonster
Gold May 10, 2024 03:35:31 PM

Gold Set for Best Week in Five on Renewed US Rate-Cut Hopes

Paul Ploumis
ScrapMonster Author
U.S. gold futures rose 0.9% to $2,360.40.

Gold Set for Best Week in Five on Renewed US Rate-Cut Hopes

SEATTLE (Scrap Monster): Gold prices firmed on Friday, poised for their best week since early April, following U.S. economic data that boosted bets of an interest rate cut from the Federal Reserve.

Spot gold gained 0.3% to $2,353.43 per ounce by 0450 GMT, hitting their highest in more than two weeks. Prices have risen 2.3% so far this week.

U.S. gold futures rose 0.9% to $2,360.40.

Data on Thursday showed that the number of Americans filing new claims for unemployment benefits increased more than expected last week.

"Gold has regained its mojo this week courtesy of some softer U.S. macro data. Initial jobless claims figures were worse than expected, which comes hot on the heels of the weaker NFP (nonfarm payrolls) figures last Friday, indicating that the jobs market may be starting to loosen up," said Tim Waterer, chief market analyst at KCM Trade.

Traders expect the Fed to start its easing cycle in September. Lower interest rates reduce the opportunity cost of holding gold.

The inflation reports have the potential to shift the "needle with regards to the expected rate cutting timeline," said Waterer, adding that if inflation was shown to be edging lower, gold could be a beneficiary.

The U.S. producer price index and consumer price index data are due next week.

There is "considerable" uncertainty about where U.S. inflation will head in the coming months, San Francisco Fed President Mary Daly said on Thursday.

Elsewhere, a senior Israeli official said the latest round of indirect negotiations in Cairo to halt hostilities in Gaza had ended and Israel would proceed with its operation in Rafah.

"Enduring geopolitical risks will likely outweigh incrementally positive news from China regarding its economic outlook," analysts at ANZ wrote in a note.

"Gold demand will remain relatively strong in 2024."

Spot silver rose 0.2% to $28.38, platinum firmed 0.7% to $984.50 and palladium added 0.3% to $970.00. All three metals were up for the week.

Courtesy: www.reuters.com

How to Recycle

Simple Ways to Dispose of Tires

Simple Ways to Dispose of Tires

Are you in search of some simple and eco-friendly methods to help you responsibly dispose of tires, then read our blog post to learn more.
Recycling and Disposal of Light Bulbs – More to Know

Recycling and Disposal of Light Bulbs – More to Know

Proper disposal of all types of light bulbs, protects the environment and recovers valuable materials.
How to Get Rid of Shredded Paper - Recycling Options

How to Get Rid of Shredded Paper - Recycling Options

Thinking how to get rid of shredded paper? Well, there are many recycling options. Read More.
powered by RecyclingMonster
×

Quick Search

Advanced Search