Bussiness
Gold prices steady – London Business News | Londonlovesbusiness.com
![Gold prices steady – London Business News | Londonlovesbusiness.com Gold prices steady – London Business News | Londonlovesbusiness.com](https://mloyoq1wv9pf.i.optimole.com/w:auto/h:auto/q:mauto/f:best/ig:avif/https://londonlovesbusiness.com/wp-content/uploads/2024/04/Stock-market-Gold-chart-IMAGO-Westlight-Avalon.jpg)
Gold saw slight volatility on Monday, but remained relatively stable near the $2,400 per ounce mark, supported by weaker-than-expected inflation data from last Thursday.
This data suggested the Federal Reserve might ease monetary policy, prompting a rally in gold. The soft June consumer price index and the broader trend of disinflation have led market participants to fully anticipate a U.S. interest rate cut in September, which could help strengthen gold.
On Monday gold saw some volatility following an anticipated speech by Federal Reserve Chair Jerome Powell.
Attention could then turn to the upcoming release of U.S. retail sales data on Tuesday. June’s retail sales data are expected to be at 0%, compared to a slight 0.1% increase in May. Continued weakness in U.S. retail sales could drive further demand for gold as a safe-haven asset in the short term.
Furthermore, U.S. political uncertainty, amplified by the assassination attempt on former President Donald Trump, has increased market concerns and may further support demand for the precious metal. Additionally, economic concerns in China, marked by slower-than-expected growth in the second quarter, could also support a positive near-term outlook for gold.