Gold prices went up a little on Monday as investors looked forward to important U.S. inflation numbers coming out this week. These numbers could give clues about what the Federal Reserve will do with interest rates.
– Spot Gold Price: The price of spot gold was up 0.1%, reaching $2,631.60 per ounce. During the day, it hit a high of $2,647.99.
– U.S. Gold Futures: Gold futures in the U.S. stayed stable at $2,658.10.
– Looking Ahead: Traders are eagerly waiting for the U.S. inflation report set to be released on Wednesday.
– Interest Rate Cuts: According to the CME Group’s FedWatch Tool, there’s an 85.1% chance that the Federal Reserve will lower interest rates by 0.25% this month. Lower rates usually make gold more appealing because it doesn’t earn interest.
– Job Market Update: The U.S. job market is still strong but showing signs of cooling down. Last month, employers added 227,000 jobs, recovering from disruptions caused by hurricanes. However, the unemployment rate slightly rose to 4.2%, according to the Labor Department.
– Geopolitical Developments: On the international front, Syrian rebels took control of Damascus without any opposition, forcing President Bashar al-Assad to flee to Russia after 13 years of civil war and decades of his family’s rule.
– Gold as a Safe Investment: Gold is often seen as a safe choice during uncertain times, whether economic or political.
– Other Metals: Spot silver remained stable at $30.99 per ounce, platinum stayed the same at $930.20, while palladium rose 0.6% to $962.10.
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