Gold Analysis 12-June-2024
Gold dropped below $2,410 per ounce on Friday after nearly gaining 2% the day before. However, it is still on track for a third consecutive weekly gain, helped by lower-than-expected inflation numbers in the US.
In June, headline inflation slowed more than predicted to a one-year low of 3%, and the annual core measure fell to a three-year low of 3.3%. This slowdown has increased hopes for a Federal Reserve rate cut. Traders now see a 93% chance of a rate cut in September, up from 73% on Wednesday.
Additionally, San Francisco Fed President Mary Daly expects further easing in price pressures and the labor market, supporting the case for rate cuts. Chicago Fed President Austan Goolsbee believes the US economy is on track to achieve 2% inflation.
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Gold Analysis 12-June-2024