The post Gold price edges up above $2,400 amid firm US yields appeared on BitcoinEthereumNews.com.

Gold price climbs above $2,400, ending a four-day losing streak amid falling US Treasury yields. Traders await crucial economic data, including June’s inflation and Q2 GDP, to gauge the Fed’s next move. India’s import tax cut on gold and silver boosts retail demand, supporting bullion prices. Gold price recovered in the mid-North American session, boosted by a drop in US Treasury bond yields. This pushed the Greenback lower amid a busy Us economic docket in the week, which will feature crucial data. The XAU/USD trades at $2,404, up by 0.33%. Wall Street trades with gains for the second straight day as market players digest last weekend’s political developments in the US. Market players are eyeing the release of June’s inflation data and the preliminary reading of the Gross Domestic Product (GDP) for the second quarter of 2024. The non-yielding metals are ending a four-day streak of losses as market participants await the Fed’s first interest rate cut, according to a Reuters poll. The survey showed that 73 of 100 economists expect Powell and Co. to ease policy by 50 basis points (bps) in 2024, with 13 expecting 25 bps and three expecting no cuts. Traders speculate the first 25 bps rate cut will be in September, as shown by the CME FedWatch Tool, with odds at 96%. In the meantime, the US 10-year Treasury bond yield falls one and a half bps to 4.24%, a tailwind for the precious metal. The Core Personal Consumption Expenditures (PCE) Price Index could be the last piece of the puzzle for Fed officials to begin relaxing policy. Sources cited by Reuters commented, “Anything weaker than expected (PCE data) would be a positive, mainly because it would convince the markets that the U.S. central bank is easing monetary policy in September.” Bullion was also boosted…

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Filed under: News - @ July 24, 2024 2:26 am