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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
City skyline at sunset in Metro Manila
Economic Updates
Quarterly Economic Growth Release: Stronger case for a BSP cut in August
August 7, 2025 DOWNLOAD
economy-ss-3
Economic Updates
Inflation Update: BSP’s low-inflation safety net
August 5, 2025 DOWNLOAD
bsp-banner
Economic Updates
Monthly Economic Update: Two more BSP cuts 
July 31, 2025 DOWNLOAD
View all Reports
Markets 2 MIN READ

Gold skids on profit-taking, US economic data on radar

July 25, 2024By Reuters
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Gold poised for best week in 3 months on Fed pause bets July 14, 2023 Wall Street drops as Powell signals Fed not close to done November 2, 2022 ‘Higher for longer’ rates remain a threat to US stocks after inflation data September 13, 2023

Gold prices fell nearly 1% on Thursday, as investors booked profits ahead of US economic data that could offer more cues on when the central bank will cut interest rates this year and by how much.

Spot gold fell 0.9% to USD 2,377.29 per ounce by 0217 GMT. US gold futures dropped 1.6% to USD 2,376.70.

“When you look from a fundamental perspective, there are no factors pressuring gold. So, it looks like we are seeing some profit-taking, and from a technical perspective, prices could move lower,” said Kelvin Wong, OANDA’s senior market analyst for Asia Pacific.

Markets are awaiting the US gross domestic product reading due at 1230 GMT and personal consumption expenditure (PCE) data – the Fed’s favored measure of inflation – on Friday to calibrate their expectations of when rates might be cut.

Traders are expecting that the Federal Reserve will deliver a long-awaited rate cut in September. Non-yielding bullion’s appeal tends to shine in a low-interest-rate environment.

If PCE data shows that inflation is slowing and the Fed can cut rates in September, then we will see a resurgence in gold prices, Wong said.

Meanwhile, a Reuters poll showed that gold prices are poised for a fresh run to record highs in the coming months while platinum and palladium will stay below USD 1,000 per ounce in 2024.

“A continuation of election-related uncertainty and rising geopolitical threats will add more volatility and likely impact broader macro variables,” the World Gold Council said.

“This, in turn, could drive investors to evaluate how they might mitigate risk in their own portfolios and draw them towards a safe-haven asset like gold.”

Among other metals, spot silver fell 2.8% to USD 28.18 per ounce, platinum eased 0.8% to USD 940.40 and palladium slipped 1.5% to USD 918.63.

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu)

 

This article originally appeared on reuters.com

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