Source : kitco & goldprice.org | Published by GOLDCeylon | 15/06/2024
• Gold soars above $2,330 as investors bet on Fed rate cuts later this year.
• Risk aversion due to European political turmoil boosts demand for safe-haven assets like gold.
• US Consumer Sentiment dips in June, inflation expectations remain above Fed’s 2% target.
• XAU/USD is underpinned by fall of 10-year US Treasury yield.
After last week’s price action was dominated by Friday’s news from China and the employment report, precious metals markets were squarely focused on inflation data and the Federal Reserve’s interest rate path this week.
After kicking off the week trading at $2,293.70 per ounce during the Sunday evening Asian session, spot gold broke above the $2,300 level about two hours before the North American market open, and that level held throughout the rest of the week’s roller coaster ride.
By Thursday, spot gold had once again slid back down to support, but it saw a firm bounce just below the $2,300 level and by Friday morning the yellow metal was once again marching higher into the weekend.