2024-03-01 17:15:00
© Reuters.
Investing.com – Updated at 18:51 Saudi time
Gold prices consolidated their gains after the release of manufacturing purchasing managers’ index data issued by the US Institute for Supply Management, in addition to data as well.
It now rises to the level of $2078 per ounce, at a rate of 1.15%.
It rises by about 1.24% to $2070 per ounce.
To read the data released recently:
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Global gold prices rose near the highest level in a month during trading on Friday, after data indicated a decline in price pressures in the United States, while traders awaited statements from several US Federal Reserve officials.
“Markets were relieved that there were no bad surprises in the PCE report,” said Matt Simpson, chief analyst at City Index. “Gold traders rejoiced in the fact that core PCE slowed year-on-year.”
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US Department of Labor data revealed that initial unemployment claims increased by 13,000 applications to 215,000 applications in the week ending February 24th, while it was expected to rise to 209,000 applications.
Personal consumption expenditures inflation in January rose 2.4%, the smallest annual increase since February 2021, after a 2.6% rise in December, data showed on Thursday. US Federal Reserve members are generally focused on lower inflation, which they say is likely to pave the way for interest rate cuts later this year.
The decline in prices enhances the attractiveness of the yellow metal, which does not generate a return.
Money market pricing shows traders are pricing in three-quarter point US interest rate cuts for 2024.
Investors are awaiting statements from at least six other Federal Reserve officials later on Friday.
Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 3.3% in February and 6.4% so far this year.
“While negative ETF flows are capping gold prices, the main reason gold prices remain supported is the Chinese central bank, which was the second-largest booster of gold reserves in the fourth quarter,” Simpson said.
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Gold at settlement yesterday
Prices strengthened their gains when settling trading in the last February sessions, yesterday, Thursday, with the absorption of data that showed a calming of inflationary pressures in the United States, which reinforces expectations that the Federal Reserve will soon begin a monetary easing cycle.
Upon settlement of Thursday’s trading, the prices of gold futures contracts for April delivery rose by 0.6%, or $12, at $2,054.7 per ounce, reducing February’s losses by 0.6%, and continuing their decline for the second month in a row.
Gold and dollar now
Gold futures are now up 0.1% to $2,056 an ounce.
While it rose by about 0.2% to $2048 per ounce. After reaching $2,050 on Thursday, its highest level since February 2. As the metal is heading to achieve its second weekly gain in a row.
At the same time, it fell by 0.07% to 104.027 points.
other metals
Platinum in spot transactions rose 0.6 percent to $881.40 an ounce, and also jumped 0.6 percent to $947.35. But the two metals recorded a decline for the second month in a row, as palladium touched its lowest levels in more than five years at $849.13.
Platinum group metals producer Impala Platinum said it may close some of its mining operations in South Africa if metal prices deteriorate further and restructuring efforts fail to improve margins.
Spot transactions rose 0.3 percent to $22.74 an ounce.
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