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    Home»Precious Metal»Gold set for fourth weekly rise on US rate-cut bets
    Precious Metal

    Gold set for fourth weekly rise on US rate-cut bets

    July 19, 20242 Mins Read


    Gold prices slipped on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut U.S. interest rates in September lifted appeal for non-yielding bullion. FUNDAMENTALS

    * Spot gold was down 0.4% at $2,434.38 per ounce, as of 0047 GMT, after scaling an all-time high of $2,483.60 on Wednesday. Prices were up 1% for the week.

    * U.S. gold futures fell 0.8% to $2,435.70.

    * Markets see a 98% chance of a U.S. rate cut in September, according to the CME FedWatch Tool.

    ** Zero-yield bullion’s appeal tends to shine in a low-interest rate environment.

    * Earlier this week, Fed Chair Jerome Powell said recent inflation readings “add somewhat to confidence” that the pace of price increases is returning to the central bank’s target in a sustainable fashion, suggesting a turn to rate cuts may not be far off. * While, Fed Bank of San Francisco President Mary Daly said she is looking for more confidence that inflation is moving back to the Fed’s 2% target. * Data on Thursday showed the number of Americans filing new applications for unemployment benefits increased more than expected last week, but that did not signal a material shift in the labour market amid temporary automobile plant closures and disruptions from Hurricane Beryl.

    * Swiss June gold exports fell to the lowest levels since April 2022 owing to reduced shipments to China and India, customs data showed.

    * Among wealthy investors under the age of 43, 45% own gold as a physical asset, and another 45% are interested in holding it, according to a recent study by Bank of America Private Bank.

    * Spot silver fell 1.4% to $29.65 per ounce, platinum eased 0.6% at $961.80 and palladium dropped 0.3% to $927.20.

    DATA/EVENTS (GMT)

    0600 UK Retail Sales MM June

    0600 UK Retail Sales Ex-Fuel MM June

    0600 UK Retail Sales YY June
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