PRECIOUS-Gold inches higher as dollar softens, focus shifts to US economic data
June 26 (Reuters) - Gold prices nudged higher on Thursday, supported by a softer dollar, as investors looked ahead to upcoming U.S. economic data for hints on the Federal Reserve's potential direction on interest rates.
FUNDAMENTALS
* Spot gold XAU= was up 0.1% at $3,334.80 per ounce, as of 0007 GMT.
* U.S. gold futures GCcv1 rose 0.2% to $3,348.70.
* The dollar .DXY was down 0.2% against its rivals, making greenback-priced bullion less expensive for overseas buyers. USD/
* U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week and credited U.S. strikes on Iran with bringing a swift end to the war between Israel and Tehran.
* Anxious Iranians and Israelis sought to resume normal life after 12 days of the most intense confrontation between the two longtime foes, following a ceasefire that took effect on Tuesday.
* Meanwhile, Federal Reserve Chair Jerome Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts.
* Markets are awaiting U.S. GDP data due later in the day and Personal Consumption Expenditures (PCE) data on Friday.
* Investors are currently anticipating 64 basis points worth of Fed rate cuts by the end of this year. USDIRPR
* Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment.
* Spot silver XAG= was steady at $36.33 per ounce, platinum XPT= firmed 0.9% to $1,366.28, while palladium XPD= was up 1.3% at $1,071.40.
DATA/EVENTS (GMT) | |
1230 | US Durable Goods May |
1230 | US GDP Final Q1 |
1230 | US Initial Jobless Clm 21 June, w/e |
1430 | US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 20 June, w/e |
Reuters Terminal users can see related news and prices by clicking on the codes in brackets: All precious metals headlines GOL Precious metals market reports GOL/ European gold prices GOLD/EU1GOLD/EU20#PREC London Bullion Market Association LBMA01 New York Comex gold 0#GC: and silver 0#SI: New York platinum 0#PL: and palladium 0#PA:
Related Articles
Circle’s Next Chapter: Not Just Stablecoins, But a Payments Network
TradingKey - Stablecoins are meeting real-world demand, especially in emerging markets where payment systems are oftenfragmented, access to the traditional banking system is limited, or capital controls restrict seamless global flows.
What is BNB? Can CZ's Return to Binance Propel It to $2700?
It’s also worth noting that 2028 marks Bitcoin’s fifth halving — a historically bullish catalyst. If past cycles repeat, BNB could ride the wave to new highs. Considering macroeconomic trends, supply dynamics, CZ’s potential return, and the next bull market, Standard Chartered’s target seems increas
[Reuters Analysis] Heightened uncertainties feed Fed inconsistencies: McGeever
By Jamie McGeever ORLANDO, Florida, Sept 18 (Reuters) - The Federal Reserve cut interest rates on Wednesday for the first time in nine months, arguing the move is necessary to counter increasing risks to the labor market. The rationale is sound enough. There's only one problem - it seems to c...
Bitcoin Price Forecast: Trends and Investment Outlook from 2025 to 2030
From $0.01 in 2009 to $120,000+ in 2025, Bitcoin has evolved from obscurity to a globally recognized financial asset. While institutions and governments increasingly embrace it, investors must remain vigilant against volatility, security risks, and scams.
