Gold prices increase amid weak dollar, anticipation of US economic data
Date
7/23/2024 4:50:46 AM
(MENAFN) Gold prices increased on Tuesday as the dollar continued its decline, with investors eagerly awaiting U.S. economic data that could provide clarity on the Federal Reserve's timeline for interest rate cuts. Spot gold rose by 0.2 percent to USD2,401.22 an ounce by 0204 GMT, while U.S. gold futures saw a 0.4 percent increase to USD2,403.60 an ounce. This upward trend in gold prices reflects market sentiment influenced by the dollar's performance and anticipation of significant economic indicators.
Traders are particularly focused on the upcoming second-quarter GDP report scheduled for Thursday and the June personal consumption expenditures data due on Friday. These reports are expected to shed light on the economic outlook and the Federal Reserve's potential actions regarding interest rates. The market's attention is drawn to these indicators as they could significantly impact future monetary policy decisions.
In the broader precious metals market, silver experienced a slight decline of 0.2 percent, settling at USD29.14 an ounce. Platinum remained steady at USD951.13 an ounce, while palladium saw a modest rise of 0.1 percent to USD908.43 an ounce. These movements reflect the nuanced dynamics within the precious metals market as investors navigate a landscape shaped by currency fluctuations and economic data releases.
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