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Gold Prices Face Uncertainty

Today market analysis on behalf of Bas Kooijman is the CEO and Asset Manager of DHF Capital S.A


May 28, 2024 ( Newswire) Gold prices rebounded slightly today after the important losses recorded last week. Market sentiment could remain cautious as investors anticipate key US inflation data that could provide insights into the Federal Reserve's timeline for potential interest rate cuts. The core Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation measure, is due on Friday. Market consensus projects an unchanged rate of 0.3% month-on-month for a third consecutive period. Higher-than-expected data could add to the pressures gold is facing, in particular after the Federal Reserve minutes revealed a more hawkish stance from its members. The latter left the door open for interest rate hikes if necessary. The market sentiment reflects growing skepticism about significant rate cuts this year, with traders pricing in a cut in November. Adding to that, on the demand side, China's net gold imports via Hong Kong dropped by approximately 38% in April compared to the previous month, which could weigh on prices. This significant decline follows a period of robust import activity earlier in the year.

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