Central Bank of Turkey keeps interest rates steady at 50 percent amid current inflation concerns

2024-07-24 05:16:22

(MENAFN) On Wednesday, gold prices climbed as investors looked forward to U.S. economic data that might impact the Federal Reserve’s decisions regarding interest rate cuts. Spot gold saw a rise of 0.3 percent, reaching USD2,416.62 per ounce by 0402 GMT, while U.S. gold futures advanced by 0.4 percent to USD2,417.10 per ounce.

Economists generally anticipate that the Federal Reserve will implement only two interest rate cuts this year, likely in September and December. This cautious outlook is driven by ongoing U.S. consumer demand despite a decline in inflation.

In the broader precious metals market, silver increased by 0.2 percent to USD29.28 per ounce, while platinum and palladium prices remained unchanged, with platinum holding steady at USD945.73 per ounce and palladium at USD925.64 per ounce. The stability in these metals reflects market anticipation and ongoing uncertainties surrounding future economic policies and their potential impact on commodity prices.

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