May 07, 2024 (MENAFN via COMTEX) --
(MENAFN - Live Mint) " May 7 - Gold prices edged up for a second session on Tuesday, after recent economic data boosted bets that the Federal Reserve would cut interest rates later this year. FUNDAMENTALS * Spot gold rose 0.2% at $2,327.11 per ounce, as of 0034 GMT. U.S. gold futures firmed 0.2% to $2,336.20. * Traders are pricing in a 64% chance of a Fed rate cut in September, as per CME's FedWatch Tool. Lower rates increase the appeal of holding non-yielding bullion. * Data on Friday showed job growth in the U.S. slowed more than expected in April, while the increase in annual wages fell below 4.0% for the first time in nearly three years. * Fed Bank of New York President John Williams said on Monday that at some undefined point the U.S. central bank will lower its interest rate target. * Investors closely monitored the latest developments in the Middle East conflict. Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from mediators, but Israel said the terms did not meet its demands and pressed ahead with strikes in Rafah while planning to continue negotiations on a deal. * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.21% to 832.19 tonnes on Monday from 830.47 tonnes on Friday. * Spot silver fell 0.1% to $27.44 per ounce, platinum gained 0.5% to $958.90 and palladium rose 0.4% to $981.34. * A private sector survey showed on Monday that China's services activity expansion slowed a touch, but growth in new orders accelerated and business sentiment rose solidly. DATA/EVENTS 0030 Japan JibunBK Comp Op Final SA April 0030 Japan JibunBK SVC PMI Final SA April 0130 Australia Retail Trade Q1 0430 Australia RBA Cash Rate May 0600 Germany Industrial Orders MM March 0600 Germany Manufacturing O/P Current Price SA March 0600 Germany Consumer Goods SA March 0600 UK Halifax House Prices MM, YY April 0645 France Reserve Assets Total April 0830 UK S&P Global PMI: MSC Composite Output April This article was generated from an automated news agency feed without modifications to text.
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COMTEX_452001219/2604/2024-05-07T05:49:45
