- Gold prices rose globally during morning trading today, Monday, after mixed signals from the United States, where optimism is growing that the economy is heading toward a smooth decline, while the Federal Reserve fights high inflation.
- The spot price of the precious metal increased by 0.3% to reach $2,308.86 per ounce, while the Bloomberg Dollar Spot Index remained almost the same, and the prices of silver and palladium increased, while the price of platinum decreased.
- According to Bloomberg, investors are studying weaker-than-expected US jobs data, which adds to evidence of a gradual slowdown in the economy, alleviating concerns about markets heading toward a painful period characterized by high inflation and slow growth.
- Chicago Federal Reserve Bank President Austin Goolsbee said last Friday that additional reports, such as the report issued in April, would make him feel comfortable that the economy is not overheating, which may strengthen the argument in favor of monetary easing this year, and the impact of high interest rates is usually negative. For bullion that does not yield interest.
- Cautious optimism about the economic outlook dampened demand for safe-haven assets, weighing on gold, which typically benefits from safe-haven flows.
- Bullion has become less attractive in recent weeks as evidence grows that the Middle East is moving away from a potential all-out war.
- Gold prices recorded an increase of about 12% this year despite the high inflationary environment and uncertainty about when US interest rates will be reduced.
- The metal achieved a record rise, reaching its highest levels ever in April, and these gains are linked to strong central bank purchases, demand from Asian markets, and safe haven buying amid conflicts in Ukraine and the Middle East.
