{"id":126254,"date":"2024-07-03T08:45:30","date_gmt":"2024-07-03T08:45:30","guid":{"rendered":"https:\/\/kinesis.money\/?p=126254"},"modified":"2024-07-03T08:45:30","modified_gmt":"2024-07-03T08:45:30","slug":"gold-in-no-mans-land","status":"publish","type":"post","link":"https:\/\/kinesis.money\/fr\/market-analysis\/gold-news\/gold-in-no-mans-land\/","title":{"rendered":"Gold Price News: Gold In No-Man\u2019s Land As US Data Meets Expectations"},"content":{"rendered":"\n

Gold prices were range bound on Tuesday, showing little convincing movement in either direction.<\/p>\n\n\n\n

Prices moved in a range of $2,320 to $2,337 an ounce<\/a> on Tuesday, little changed from Monday\u2019s range of $2,320 to $2,338.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

Figures released on Tuesday showed that annual Euro Area inflation came in at 2.5% in June, in line with market expectations. The figures underline the ECB\u2019s decision to cut interest rates by 25 basis points in June for the first time in eight years, and following several rate hikes that began in July 2021, which have helped to control rising inflation.<\/p>\n\n\n\n

Meanwhile, the US JOLTs job openings figures also released Tuesday showed that the number of job openings in America rose by 221,000 to 8.14 million in May, slightly ahead of market expectations of 7.91 million.<\/p>\n\n\n\n

Gold prices have been struggling to gain new ground since setting highs of over $2,450 an ounce on May 20, with short-term peaks coming in at successively lower levels since then. Nevertheless, gold has certainly shown no appetite for a major sell-off, with prices meeting strong buying interest at around $2,300 an ounce three times over the last two months.<\/p>\n\n\n\n

Open interest on gold futures on exchanges declined in the week to June 28, according to recent World Gold Council figures<\/a>.<\/p>\n\n\n\n

The overall drop was largely a result of a fall in open interest on the Shanghai Futures Exchange, which fell to $26.7 billion from $31.1 billion the previous week. Open interest on Comex was barely changed at $105 billion compared with $105.1 billion the previous week, the figures showed.<\/p>\n\n\n\n

The World Gold Council issued its Mid-Year Outlook<\/a> on Tuesday, stating that gold prices are likely to stay range bound for the remainder of 2024 after gaining strong momentum in H1.<\/p>\n\n\n\n

However, it cautioned that gold prices could push higher still if western demand is triggered by three key elements: interest rate cuts, recession risks and geopolitics.<\/p>\n\n\n\n

Looking ahead, upcoming data releases include the US ISM Services PMI on Wednesday, and Friday\u2019s monthly US Non-Farm Payrolls and the unemployment rate for June.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices were range bound on Tuesday, showing little convincing movement in either direction.<\/p>\n","protected":false},"author":50,"featured_media":126308,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-126254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold In No-Man\u2019s Land As US Data Meets Expectations | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Wednesday 3rd of July 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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