The next Fed meeting is scheduled for late July. Markets are anticipating a 94% chance of a rate cut in September, according to CME’s FedWatch tool.
On Tuesday, gold prices show a recovery after a four-day losing streak. Thus, the spot metal advances by 0.4%, reaching US$2,406.15 per ounce, although it still remains below the historical record of US$2,483.60 reached last week. On the other hand, the gold futures In the United States they increased by 0.5%, reaching US$2,407.
Han Tan of Exinity Group commented that spot gold prices will benefit from persistent expectations of a possible change in the Federal Reserve’s (Fed) monetary policy. In addition, aIncreased political instability in the United States could strengthen demand for the precious metal as a safe haven.
Gold: what the market is analyzing
Investors are awaiting two important US economic reports to be published this week: the report on the Gross product Internal second-quarter data, due on Thursday, and personal consumption expenditure data for June, due the following day. These reports could offer clues about the future direction of Fed interest rates.
gold
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The Fed’s next meeting is scheduled for late July, and markets are anticipating a 94% chance of a rate cut in September, according to CME’s FedWatch tool.
In the other precious metals market, spot silver fell 0.5% to $29.07, platinum rose 0.7% to $953.73 and palladium gained 1.1% to $918.09.
Source: Ambito
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