Gold price declines ahead of US inflation data, silver gains marginally
Gold and silver prices today on 13-05-2024: Check latest rates in your city Gold prices are seen trading slightly lower today amid profit-booking and weighed by a stronger U.S. dollar, as focus turns on the U.S.
inflation data and Fed's Chairman's comments later in the week. Currently, markets are pricing in about a 65-67% chance of a rate cut at Fed's September meeting, any signs of cooling inflation would push those bets higher, but a higher reading would push back rate cuts expectation to possibly November meeting," said Pranav Mer, VP - Research (Commodity & Currency) BlinkX and JM Financial.
Also read: Oil suffers weekly loss on stronger US dollar, record-high Fed rates; Brent sticks to $82/bbl In the realm of precious metals, spot silver saw a 0.4% increase to $28.27 per ounce, while platinum rose by 0.9% to $1,002.65 and palladium experienced a 0.5% uptick to $982.75. Despite a structural deficit anticipated for platinum, palladium, and rhodium, Metals Focus predicts a decline in their average prices this year.
Read more on livemint.com
