Monday, 17 June 2024

Gold prices trapped in a narrow range, as dealers anticipate US ‎rate path

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Gold prices stabilized today, Thursday, supported by the decline of the dollar, and remained confined to a narrow range, in light of investors’ assessment of expectations related to the upcoming moves of the Federal Reserve (the US central bank) regarding interest rates, after a decisive vote on the debt ceiling agreement in the United States.

According to Reuters, gold prices stabilized in spot transactions at $1963.49 an ounce by 0446 GMT. US gold futures settled at $1963.10. Bullion prices declined on a monthly basis in May

Investors reacted mutedly to the US House of Representatives’ approval of a bill that would allow a suspension of the government’s borrowing cap and avoid default, and the market’s focus has now shifted to the Senate, which will in turn vote on the bill, as well as to expectations for interest rates.

Brian Lan of Gold Silver Central, a gold trading company in Singapore, said that gold prices may rise to a level close to $ 1980 in the near term, but it will not witness a significant upward movement because the markets are still speculating that the US central bank will raise interest rates at greater rates. ,

In terms of other precious metals, spot silver prices rose 0.2 percent to $23.52 an ounce, platinum rose 0.5 percent to $998.33, and palladium jumped 1.1 percent to $1376.41.

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