decrease in the global price of gold; $2,323 per ounce
reported Mehr News Agency, according to Reuters, the price of gold did not change much on Monday as traders are waiting for more economic data from the United States. According to the latest information, inflation has stabilized in this country and has raised the hope of lowering the interest rate of the Federal Reserve this year.
The price of gold per ounce decreased by 0.18% to $2,323 and 10 cents today. The price of gold futures on Comex New York has reached $2,343 and 60 cents with a decrease of 0.09%.
Analysts believe that the factor influencing the price of gold in the short term is the US employment data, which if it indicates weak employment growth in this country, it will benefit gold.
Investors are awaiting the release of the Institute of Supply Management’s Purchasing Managers’ Index due today, as well as the employment report and nonfarm payrolls data due on Friday. and it indicates the health of the American economy.
It seems that the lower-than-expected consumer spending index has partially supported the price of gold because it could be a sign of interest rate cuts this year.
The US economic data on Friday showed that inflation in this country stabilized in April, thus increasing the possibility of interest rate cuts in September. Traders are now about 54% likely to reduce the interest rate in September, this figure was equal to 49% before this report.
It is true that gold is always mentioned as a safe support in times of high inflation, but the increase in interest rates has increased the cost of maintaining this precious metal as a non-profitable capital and the desire It reduces it to buy.
Among other precious metals, silver was down 0.10% to $30.41 and platinum was down 0.03% at $1,038.12. .
