Gold Return News Today

Analysts say the tone remains positive, supported by ongoing geopolitical tensions in the Middle East and expectations of interest rate cuts

But growing rate cut expectations, safe-haven demand and central bank purchases have boosted gold by more than 8% this year

Analysts say market participants will keep an eye on key events this week like the RBI interest rate decision and OPEC meeting, among others

Analysts say a slew of economic data releases scheduled for this week could potentially induce volatility in Gold prices

Market participants’ focus this week will be on US GDP data and the personal consumption expenditures price index

Analysts say the CME FedWatch tool shows traders pricing in a 53.6% chance for a 25 bps cut in June and a 28.7% chance for rates to remain steady

This is because of the impending release of the minutes of the US FOMC’s recent meeting

The dollar index slipped but is still trading around the 104 mark. The US 10-year yield was firm, trading close to the previous week’s high close to the 4.3% mark

Analysts say the focus will now shift to the minutes of the US FOMC meeting, which is expected to show broad consensus for rate cuts this year

Amidst these mixed sets of data points, US yields and the dollar index hold firm; but analysts expect lower volatility on the back of holidays in the US