Gold To Record Increase For Third Quarter In Row
Date
6/28/2024 3:02:47 PM
(MENAFN- The Peninsula)
QNA
New York: Gold prices stabilised on Friday, in spot transactions, but the yellow metal is heading to record an increase for the third quarter in a row, after the release of personal consumption expenditures price index data in the United States , which was largely in line with expectations.
US data raised hopes for lowering interest rates by next September.
Gold settled in spot transactions at USD 2,328.85 per ounce by 13:35 GMT, and US gold futures rose by 0.1 percent to USD 2,339.60. Overall prices rose by more than four percent during the current quarter.
Read Also
Gold prices rise as yields on US Treasury bonds decline
Gold prices received support from the decline in US Treasury bond yields, which made the precious metal more attractive to investors.
Today, betting increased that the Federal Reserve (the US central bank) will reduce interest rates next September and December, after a government report showed that inflation did not rise during the past April and May.
As for other precious metals, silver rose in instant transactions by 1.1 percent to USD 29.38, and platinum rose by 2.5 percent to USD 1,012.03. The two metals are heading for quarterly gains.
Palladium also jumped in instant transactions by 4.5 percent and reached USD 970.88, but it is heading towards a third consecutive quarterly decline.
MENAFN28062024000063011010ID1108386098
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.