On June 28, there are important situations in the gold price. Gold came under pressure as strong economic indicators from the US offset its traditional safe-haven status. Investors will follow Federal Reserve Chairman Jerome Powell’s speech. It also closely monitors data releases in the coming days to learn about future rate hikes.
Gold and silver prices show modest gains
Gold prices showed a slight increase today. Gold for August delivery is trading at $1,924. On the other hand, the economic power of the USA weakens the attractiveness of gold as a safe haven. Accordingly, despite its historical status as a safe haven, gold is hovering near three-month lows amid strong US economic data.
Strong economic data is reducing the demand for safe-haven assets. In addition, investors are watching Powell’s speech and upcoming data for clues on rate hikes. Spot gold rose marginally 0.1% to $1,915.22 an ounce. This is the lowest level since March 16. US futures gold contracts are flat at $1,924.10.
Spot price
Spot gold on the Comex rose slightly 0.03% to $1,915 an ounce in the morning session. However, it continued to trade close to three-month lows. The 0.50% drop in the previous session was due to stronger-than-expected US economic data giving the Federal Reserve more flexibility to raise interest rates.
New home purchases in the US increased by 12.2%, the fastest annual rate in a year. Durable goods orders unexpectedly rose 1.7%. Improved macro data is likely to reduce the demand for safe harbors. Accordingly, gold is expected to drop below the $1,900 level.
Continued volatility is expected for yellow metal
Gold prices are trading at the lowest level in the last three months. This is because positive economic data from the US supports the interest rate hike discussions. Market participants want an insight into the future course of rate hikes. For this, he is waiting for hints and future economic data from Federal Reserve Chairman Jerome Powell.
Recent increases in US consumer confidence and new family home sales are noteworthy. Better-than-expected core durable goods orders confirm the possibility of rate hikes. cryptocoin.com When we look at it in terms of personal consumption expenditures (PCE) price index data for May, first quarter GDP data, weekly unemployment applications for the week ending June 23 and comments from central bank governors are among the important factors to watch.
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