Gold records gains in the middle of trading in the European session for today, Tuesday, May 10, by about 0.45%, trading at levels of $ 1862 an ounce, after losses of more than 1.2% recorded by the yellow metal when it closed the opening session of the week yesterday, Monday, testing levels of $ 1850 an ounce, affected by the dollar’s rise The US dollar and the yield on US Treasury bonds in the opening session.
The US Federal Reserve meeting last week and raising interest rates by 50 basis points and the high probability of recurrence and raising by 50 basis points in the next two meetings cast a negative shadow on the yellow metal, which is directly affected by the rise in interest rates and the rise in the yield on Treasury bonds.
Meanwhile, global hedge funds reduced their bullish bets on gold, according to the CFTC Commodity and Futures trading report last week, ending May 3, by 9,387 thousand contracts, to reach 128,828 contracts, while short-term bets rose by 3,883 thousand contracts.
The gold markets are awaiting US inflation figures to be released tomorrow, Wednesday, as expectations indicate a decline in inflation to 8.1 8.3% in April, compared to 8.5%, with a decline in the monthly reading to 0.2% from 1.2% in March, and that the main index, excluding food and energy prices, will decline to 6 % from 6.5%, and accordingly, these numbers are expected to support the rise of the yellow metal temporarily.
Silver, after it recorded a new low for the year 2022 at 21.66 levels yesterday, Monday, records gains today by about 0.50% and is trading at levels of $21.88 per ounce.
Platinum, in turn, is trading at levels of $975, an increase of about 2.11%, while palladium is up by about 1.65%, when it is trading at levels of $2.131.
02/11/2024
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