https://newsletter.en.creamermedia.com
Cutting|Energy|Gold|Platinum
Cutting|Energy|Gold|Platinum
cutting|energy|gold|platinum

Gold steadies above $2 400 as markets boost bets on Fed pivot

12th July 2024

By: Bloomberg

  

Font size: - +

Gold steadied after surging beyond $2 400/oz in the previous session, as cooler-than-expected US inflation boosted bets the Federal Reserve will start cutting rates soon.

The precious metal jumped 1.9% on Thursday, the biggest gain since March, after the US reported the slowest growth in core consumer prices — which exclude energy and food — since 2021.

The data prompted traders to fully price in a September rate cut for the first time in months, with at least two quarter-point moves now expected in 2024. Lower borrowing costs typically benefit bullion, which doesn’t pay interest.

Gold, now closing in on an all-time high of $2 450.07 reached in May, has rallied 17% this year despite headwinds including high interest rates and sticky inflation. Strong buying by central banks, haven demand amid geopolitical tensions and purchases by Chinese consumers have all acted as supports for bullion.

With markets now viewing the prospect of a September Fed pivot as highly likely, investors were keen to boost their exposure to gold, ANZ Group Holdings analysts Brian Martin and Daniel Hynes said in a note.

Gold was 0.1% lower to $2 412.47 as of 8:53 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed after sinking 0.5% in the previous session. Silver slipped, following a 2.1% gain on Thursday. Palladium fell and platinum was steady.

Edited by Bloomberg

Comments

 
 

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 13 December 2024
Magazine round up | 13 December 2024
13th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.238 0.336s - 286pq - 2rq
Subscribe Now