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Gold Prices Edge Higher as Investors Await Crucial Inflation Data

Today market analysis on behalf of Andreas Thalassinos, Senior Market Analyst at Neotrades


June 25, 2024 ( Newswire) Gold prices attempted to rebound on Monday, while the market's attention is now focused on the upcoming inflation data expected later this week, which could significantly affect the Federal Reserve's decisions on interest rates. The Personal Consumption Expenditures (PCE) data is scheduled for release this Friday and could affect traders' expectations in addition to a series of Federal Reserve governors' speeches during the week. While last Friday's data revealed a slight increase in US business activity, presenting a challenge for gold, the market still anticipates the possibility of two interest rate cuts this year, potentially supporting the asset. Meanwhile, Swiss gold exports declined in May 2024 due to reduced shipments to India and Hong Kong, while exports to China and Turkey saw minor decreases which could create some concerns about demand in those countries. However, gold could continue to benefit from escalating geopolitical tensions in Eastern Europe and the Middle East, in addition to political uncertainty in Europe which are likely to support the demand for safe-haven assets. Upcoming elections in the US could further provide upside momentum to gold in the latter half of the year.

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