Category: Gold News, News

GOLD RATE TODAY INT MARKET- FEB 6, 2024

Gold regained some ground on Tuesday on a slight pullback […]

Gold regained some ground on Tuesday on a slight pullback in the U.S. dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year.

Spot gold rose 0.3% to $2,030.49 per ounce, as of 10:00 a.m. ET (1500 GMT), after hitting its lowest since Jan. 25 in the previous session.

U.S. gold futures gained 0.2% to $2,046.70.

Propping up zero-yield bullion, dollar was down 0.1% and benchmark U.S. 10-year Treasury yields also eased slightly.

Fed speakers are expected to reiterate that while March might be too early for a rate cut, they just need more of the same on the inflation front in order to start their cutting cycle, said Daniel Ghali, commodity strategist at TD Securities.

“We’re expecting gold prices to firm on the horizon with next week’s CPI data release potentially being the catalyst. We expect a soft print on inflation and gold to respond quite positively,” he added.

At least eight Fed speakers are due to speak this week.

After robust jobs report last week, traders have pared back, opens new tab bets of a March U.S. rate cut.

“Gold bulls have been slammed by stronger-than-expected U.S. economic data, and have been forced to revisit lower levels as markets continue to lower their bets for a Fed rate cut in March,” said Han Tan, chief market analyst at Exinity Group.

“Bullion should rise as that first Fed rate cut looms closer. However, if the Fed is forced to delay the start of its policy pivot, that should prompt the precious metal to unwind more of its recent gains in the interim.”

Spot silver fell 0.2% to $22.32 per ounce, while platinum rose 0.3% to $899.12 and palladium was up 0.1% to $949.64.


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