Reported 8 months ago
On June 24, 2024, gold prices rose as the US dollar retreated, with investors anticipating the upcoming US inflation data. Spot gold increased by 0.5% to $2332.62 per ounce, while gold futures rose by 0.6% to $2344.40 per ounce. The focus is on the US inflation data, with expectations of a rate cut by the Fed in September, as reflected by a 66% probability according to CME FedWatch data. A report by Bank of America suggests the possibility of gold reaching $3000 per ounce in the next 12-18 months, contingent on factors like Fed rate cuts and ETF inflows supported by physical gold demand.
Source: YAHOO