Gold Heads For Second Weekly Loss.. What About Other Metals?

 Gold Heads For Second Weekly Loss.. What About Other Metals?

Stock Exchange   Gold prices fell on Friday, heading for a second weekly loss, as safe-haven demand was impacted by the ceasefire between Israel and Iran and progress on the US-China trade deal, while investors awaited US inflation data.

Spot gold fell 1.2% to $3,288.55 per ounce by 06:43 GMT. The yellow metal's price has fallen 2.3% so far this week.   US gold futures fell 1.4% to $3,300.40, according to Reuters.

"The market seems very bullish on risk assets, so that is impacting gold prices," said Soni Kumari, a commodities economist at ANZ.

Kumari added that the de-escalation in the Middle East following the ceasefire and progress in US-China trade talks reduces market uncertainty, leading to further price declines.

Iranians and Israelis welcomed the return of normal life after 12 days of the most violent confrontation ever between the two sides, which ended with a ceasefire that took effect on Tuesday.

A White House official said Thursday that the United States has reached an agreement with China on how to expedite shipments of rare earth minerals to the United States amid efforts to end the trade war between the world's two largest economies.

Investors are awaiting US core personal consumption expenditures data, due at 12:30 GMT, for further clarity on the Federal Reserve's monetary policy outlook. Analysts polled by Reuters expect a 0.1% monthly increase and a 2.6% annual increase.

Markets currently expect interest rates to be cut by 63 basis points this year, starting in September.

US President Donald Trump says slowing inflation means the Federal Reserve should cut interest rates, but only two US central bank policymakers have so far indicated they are considering a rate cut at the central bank's July meeting.

Among other precious metals, spot silver fell 0.5% to $36.44 per ounce, platinum fell 2.8% to $1,378.18 after hitting its highest level in nearly 11 years, and palladium rose 0.3% to $1,135.36, its highest level since October 2024.   https://economy-news.net/content.php?id=56697