World gold prices dropped sharply to 2,323 USD/ounce due to the impact of comments on May 28 by Minneapolis Fed President Neel Kashkari about the US Federal Reserve (Fed) not cutting interest rates soon. in this year.
However, gold prices suddenly increased sharply again due to witnessing large purchases from investors after the US preliminary announcement of first quarter GDP was lower than initially expected. According to the US Bureau of Economic Analysis, US first quarter GDP increased by 1.3%, lower than the 1.6% previously estimated.
Market analyst Han Tan of Exinity Group said that the gold market is waiting for more personal consumption consumption data (PCE) for May to be announced from the US. If this index rises higher than expected, it will increase the likelihood that the Fed will keep interest rates unchanged for a longer period of time.
According to experts from the Swiss Bank (UBS), there are 3 factors supporting the uptrend of gold, the most important being the Fed's monetary policy. Analysts say that just a small interest rate cut by the Fed, even 25 percentage points, would be enough to bring gold prices to a new average high.
However, gold prices suddenly increased sharply again due to witnessing large purchases from investors after the US preliminary announcement of first quarter GDP was lower than initially expected. According to the US Bureau of Economic Analysis, US first quarter GDP increased by 1.3%, lower than the 1.6% previously estimated.
Market analyst Han Tan of Exinity Group said that the gold market is waiting for more personal consumption consumption data (PCE) for May to be announced from the US. If this index rises higher than expected, it will increase the likelihood that the Fed will keep interest rates unchanged for a longer period of time.
According to experts from the Swiss Bank (UBS), there are 3 factors supporting the uptrend of gold, the most important being the Fed's monetary policy. Analysts say that just a small interest rate cut by the Fed, even 25 percentage points, would be enough to bring gold prices to a new average high.
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