Gold contracts concluded on a positive note on Tuesday (April 9) as investors persisted in actively purchasing gold amidst ongoing geopolitical uncertainties. Meanwhile, market participants are closely monitoring the imminent release of the Consumer Price Index (CPI) and the minutes from the Federal Reserve meeting for insights into the Fed’s potential interest rate adjustments.
Gold futures surged by $11.40, or 0.48%, settling at $2,362.40 per ounce. Concurrently, silver futures witnessed a gain of 17.7 cents, or 0.64%, reaching $27.984 per ounce. Platinum futures also saw an uptick, rising by $9.60, or 0.99%, to close at $984.10 per ounce, while palladium futures soared by $35.60, or 3.39%, reaching $1,086.10 per ounce.
Phillip Strebel, an analyst at Blue Line Futures in Chicago, noted that gold prices persist at record highs, anticipating that technical buying pressure will continue to buoy gold prices. Strebel emphasized that the trajectory of gold prices may pivot depending on the outcome of the CPI index. If the CPI suggests a deceleration in US inflation, gold prices could ascend to $2,400.
The US Department of Labor is poised to unveil the CPI figures today, a key gauge of inflation in consumer expenditures for the month of March. Analysts anticipate the Headline CPI, encompassing food and energy categories, to rise by 3.4% year-on-year, following a 3.2% uptick in February. Additionally, the Core CPI, excluding food and energy, is forecasted to climb by 3.7% year-on-year in March, down from a 3.8% increase in February.
Investors are also eagerly awaiting the release of the minutes from the Federal Reserve’s monetary policy meeting held on March 19-20, scheduled for today in US time, seeking insights into the Fed’s future policy stance.
The Spot Market is Open
Wednesday, April 10, 2024
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 07.15 | 2,352.50 2,353.50 | 0.00 0.00% | 2,337.50 2,365.40 |
| Silver 07.15 | 28.09 28.19 | -0.03 -0.03% | 27.57 28.38 |
| Platinum 07.15 | 976.00 986.00 | 0.00 0.00% | 9963.00 998.00 |
| Palladium 07.10 | 1,071.00 1,111.00 | -5.00 -0.46% | 1,036.00 1,117.00 |
| Rhodium 05.00 | 4,350.00 5,150.00 | 0.00 0.00% | 4,350.00 5,150.00 |