Category: Gold News

Gold Rate Today International Market- March 11, 2024

By Published On: March 11, 20241.4 min readViews: 2180 Comments on Gold Rate Today International Market- March 11, 2024

Gold rates held steady on Monday after hitting a series of record highs last week, while investors waited for US inflation data for insights into the Federal Reserve’s rate cut timeline.

Spot gold was little changed at $2,176.30 per ounce at 1121 GMT, after hitting a record high for the fourth consecutive session on Friday at $2,194.99 as data indicated the U.S. labour market was slowing.

U.S. gold futures eased 0.1% to $2,183.20.

“Gold continues to shine on expectations around the Fed cutting interest rates this year. Market could be waiting for the incoming U.S. inflation data,” said FXTM senior research analyst Lukman Otunuga.

US consumer price inflation (CPI) data for February is due on Tuesday.

“Should the CPI print be hotter-than-expected, this could hit expectations around Fed rate cuts – weakening gold as a result. A cool report is likely to boost appetite for the zero-yielding metal,” Otunuga said.

Traders are pricing in a more than 70% chance that the Fed could start cutting interest rates by June, according to the CME FedWatch tool.

Reflecting bullish sentiment, COMEX gold speculators raised their net long positions by 63,018 contracts to 131,060 in the week ended March 5, data on Friday showed.

“With large speculators having increased net-long exposure at their fastest weekly pace in 3.5 years last Tuesday, gold is clearly in demand and not a market to short for any length of time whilst traders expect Fed cuts,” City Index senior analyst Matt Simpson said.

Spot silver was flat at $24.30. Platinum rose 1.3% to $924.40 per ounce and palladium gained 0.8% to $1,028.25.

“We retain a modestly positive outlook on platinum, fuelled by substitution from palladium to platinum in autocatalysts and potential Fed rate cuts this year,” UBS analysts said in a note.

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