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Gold futures suffered their biggest single-session loss this month on Monday, prompting some profit-taking ahead of this week's key inflation data.
Investors are awaiting Tuesday's producer price index and the consumer price index more closely. Index data will be released on Wednesday, which should provide more clarity on the extent and timing of potential interest rate cuts by the US Federal Reserve.
“The lower-than-expected CPI numbers may further bolster hopes for Fed rate cuts in 2024, which could give gold fresh impetus to get back close to its all-time high,” the chief market analyst said. by Exinity, Han Tan. market clock.
But if inflation becomes sticky, the Federal Reserve could keep rates high longer, which would be a headwind for non-interest-bearing bullion.
First month Comex gold (XAUUSD:CUR) finalized for May delivery -1.3% at $2,336.10/oz, and front-month May silver (XAGUSD:CUR) ended -0.2% at $28,221/oz; Both metals had risen to multi-week highs last week.
ETF: (NYSERCA: GLD), (NYSERCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ), (PPLT), (PALL)
Furthermore, platinum was +1.4% to $1,007.55 an ounce, a nearly one-year high, while palladium was -0.4% at $973.50/oz.
The World Platinum Investment Council said it expects the global platinum deficit to be deeper than expected this year due to lower supply from mines in South Africa and Russia.
But 2024's shortfall of 476,000 troy ounces will be smaller than last year's deficit of 851,000 ounces due to a 5% decline in demand, WPIC said; It had previously forecast a shortage of 418,000 ounces by 2024.
