Investors Monitor Gold and Precious Metal Values Amid Economic Indicators and Federal Reserve Insights
Gold prices are of keen interest to investors today, with both gram and quarter gold prices being closely monitored. Here’s the latest update on gold prices for June 26, 2024. Gold prices saw a decline today ahead of the US Personal Consumption Expenditures (PCE) data, which could hint at the Federal Reserve’s first interest rate cut.
The price of an ounce of gold dropped by 0.89% to $2,299. Both gram and quarter prices were influenced by fluctuations in both gold and USD/TRY exchange rates.
Gram gold traded around ₺2,425, while quarter gold changed hands at ₺4,046.
Market participants are closely watching the upcoming US Personal Consumption Expenditures (PCE) data to be released on Friday.
The annual growth rate of the Personal Consumption Expenditures (PCE) price index, a key inflation gauge preferred by the Federal Reserve, is expected to hit its lowest level in over three years, with May’s growth estimated at 2.6%.
FED OFFICIALS’ COMMENTS ON INTEREST RATE CUT
Risk appetite waned following hawkish remarks from Federal Reserve officials. They called for patience regarding interest rate cuts.
Federal Reserve official Lisa Cook mentioned that if economic performance meets expectations, the central bank is inclined towards interest rate cuts. However, no specific timeline for such actions was provided by the Fed.
Markets are pricing in a 47 basis point interest rate cut for this year, with a 66% probability of a rate cut in September.
Source: NTV / Prepared by Irem Yildiz