Gold prices rose past $2,310 per ounce on Monday, after reaching an almost one-month low last week, with traders anticipating remarks from a range of Fed officials due this week to seek further cues into the timeline for potential rate cuts, particularly in light of the recent US labor data figures. Friday's data unveiled a greater-than-expected deceleration in the US job expansion during April, reinforcing expectations that the Fed will commence interest rate reductions later in the year. Markets now show a 67% chance of a rate cut in September, per CME's FedWatch Tool. Lower rates reduce the opportunity cost of holding non-yielding bullion. Meanwhile, reports on Sunday showed that the prospects for a Gaza ceasefire appeared slim, increasing the gold's safe-haven appeal. Elsewhere, demand for physical gold in India stayed low last week despite price dips, as buyers held off for bigger drops, while Chinese premiums fell for the second week due to weak holiday demand.
Gold increased 260.43 USD/t oz. or 12.63% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Gold reached an all time high of 2431.55 in April of 2024. Gold - data, forecasts, historical chart - was last updated on May 6 of 2024.
Gold increased 260.43 USD/t oz. or 12.63% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gold is expected to trade at 2315.10 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2385.92 in 12 months time.