Gold prices rise as Fed rate cut forecasts weaken

25/04/2024 Argaam


Gold prices advanced today, April 25, as US bond yields soared following the disappointing data on the US economy.

 

The US GDP rose 1.6% in the first three months of this year, well below expectations of 2.5% and the revised pace for the fourth quarter of last year of 3.4%.

 

Consequently, investors reduced their interest rate expectations, as they currently see the Federal Reserve’s first rate cut by a quarter of a percentage point coming in November, instead of September.

 

Bullion for June delivery climbed by 0.19%, or $4.50, to $2,342.90 an ounce at 03:49 pm Makkah time, with spot prices also up 0.66% to $2,331.46 per ounce.

 

Likewise, silver futures for July delivery also jumped 0.39% to $27.73 an ounce, while platinum spot prices remained flat at $905.62 per ounce.

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