New York gold futures closed positive on Tuesday (March 26), supported by a fall in US bond yields. Including the hope that the Federal Reserve (Fed) will start cutting interest rates this year. Meanwhile, investors are keeping an eye on the release of the Personal Consumption Expenditure (PCE) price index, which is inflation data to which the Federal Reserve (Fed) attaches importance.
The COMEX (Commodity Exchange) gold contract will be introduced in April. Up 80 cents, or 0.04%, to close at $2,177.20/ounce.
Silver contracts for delivery in May fell 26.8 cents, or 1.08%, to close at $24.623/ounce.
Platinum contract to be delivered in July. Increased $1.70 or 0.18% to close at $920.70/oz.
Palladium contract to be delivered in June. it fell $10.20, or 1%, to close at $1003.10/ounce.
The 10-year US Treasury yield fell to 4.241% last night, with falling US bond yields reducing the opportunity cost of holding gold. This is because gold is an asset that has no interest income.
Gold prices also received positive factors from the US Federal Reserve (Fed) which is indicative of its interest rate cuts three times this year as well as strong demand from central banks around the world. and geopolitical factors in Russia and the Middle East. This will encourage the purchase of gold as a safe asset.
Investors are keeping a close eye on the release of the US PCE index on Friday. Meanwhile, analysts expect the headline PCE Index, which includes food and energy categories, to increase 2.4% in February year-on-year. After also increasing by 2.4% in January.
In addition, the Core PCE Index (Core PCE), which excludes food and energy, is expected to increase by 2.8% in February year on year. After increasing by 2.8% in January.
#York #gold #market #conditions #Gold #closes #cents #RYT9
