Gold holds ground on US rate-cut expectations
Synopsis
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
* Spot gold was little changed at $2,323.74 per ounce, as of 0022 GMT. Prices jumped more than 4% in the second quarter.
* Data on Friday showed that U.S. prices were unchanged in May while consumer spending rose moderately, a trend that could draw the Fed closer to start cutting rates this year.
* Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Stocks Recommendations
* Spot silver fell 0.3% to $29.05 per ounce, platinum was flat at $993.60 and palladium inched up 0.2% to $974.50.
DATA/EVENTS (GMT) 0145 China Caixin Mfg PMI Final 0600 UK Nationwide house price MM, YY 0750 France HCOB Manufacturing PMI 0755 Germany HCOB Manufacturing PMI 0800 EU HCOB Mfg Final PMI 0830 UK S&P Global Mfg PMI 1200 Germany CPI, HICP Prelim YY 1345 US S&P Global Mfg PMI Final 1400 US ISM Manufacturing PMI.
(You can now subscribe to our ETMarkets WhatsApp channel)