Gold prices fell in early trading globally to $2,354.77 per ounce

  • Gold prices fell in early global trading today, Monday, as investors awaited the release of important inflation data in the United States that may give an indication of the possible timing of the Federal Reserve’s first cut of interest rates.

 

  • The price of the precious metal in spot transactions fell by 0.2% to $2,354.77 per ounce, and US gold futures contracts also fell by 0.6% to $2,361.

 

  • The previous session witnessed gold recording its highest level in two weeks.

 

  • Producer price index data in the United States is scheduled to be released tomorrow, Tuesday, followed by consumer price index data on Wednesday.

 

  • After weaker than expected US jobs data for April, as well as last week's jobs report, expectations increased that the US Central Bank would adopt rate cuts this year.

 

  • Traders expected that the US Central Bank would begin a monetary easing cycle in September. Low interest rates reduce the opportunity cost of holding gold.

 

  • As for other precious metals, silver fell in spot transactions by 0.4% to $28.03 per ounce, platinum also fell by 0.1% to $992.89, while palladium stabilized at $978.03.

Share the topic with your friends on

Facebook
Twitter
WhatsApp
Telegram
LinkedIn
Email

Leave A Reply

Start trading!

If you want to start trading, contact us on WhatsApp now

You may also like

The Central Bank of Egypt achieved a net profit of EGP 150.056 billion by the end of April 2025, compared to EGP 134.381 billion by the end of March 2025....
  Urgent.. Madbouly: The Central Bank Governor confirmed that the state's foreign exchange resources fully covered its needs over the past two months. He confirmed...
The Jetour T1 and T2 models will be assembled in Egypt with investments of $123 million. A new factory will be established, including three welding production lines...


Subscribe to receive all new 

Please enable JavaScript in your browser to complete this form.