gold went up This Friday June 30th but he wrote down his first quarterly decline in three quarterspressed by expectations of new interest rate hikes in USAalthough the moderate inflation figures provided some support in the session.
He spot gold improved 0.5%to $1,917.94 per ounce, and gold futures in the United States advanced a 0.6%to $1,929.40.
Prices declined 2.5% this quarterfalling down from levels close to all-time highs of u$s2.072 in Maycaused by the nervousness about the health of the US banking sectoruntil reaching under US$1,900 last Thursday.
The banking crisis “drove down the 10-year bond yield, because it was thought that the Federal Reserve was going to have to stop raising ratesbut all that went to waste with the last interest rate hike,” said Daniel Pavilonis of RJO Futures.
In that framework, the dollar index and the 10 year bond return they closed the rising quarter, eroding the bullion’s appeal for investors with other currencies.
US consumer spending stagnated in Maywhile the Fed’s Preferred Personal Consumption Expenditure Index rose at a 3.8% year-on-year pace, moderating from 4.3% in April.
Gold metal prices rose after the datagiven that traders believe the Fed is somewhat less determined to raise rates in July. Rate hikes raise bond yields and increase the opportunity cost of holding bullion, which does not earn interest.
In other precious metals, the silver spot gained 0.8% to $22.73 an ounce; he platinum It improved 0.6% to $899.27 but posted its biggest monthly drop in two years; and the palladium it fell 0.1% to $1,227.79, certifying its third quarterly decline.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
