Thursday, 25 July 2024

Gold declines as focus still on US interest rates


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Gold prices fell as traders awaited more US economic data, while reports last week showed that inflation was stabilizing, raising expectations that the US Federal Reserve would move to lower interest rates later in the year.

Gold in instant transactions fell 0.5% to $2,321.11 per ounce, after rising more than 1% on Friday. US gold futures fell 0.6% to $2,335.30 an ounce.

US retail sales data are scheduled to be released tomorrow, Tuesday, weekly unemployment claims data on Thursday, and preliminary purchasing managers’ index readings on Friday. A number of Federal Reserve Bank officials are also scheduled to speak this week.

Data released last week showed some weakening in price pressures in the United States, indicating that the labor market is losing momentum and keeping hopes of a September interest rate cut alive.