On Wednesday (June 19th), spot gold maintained a volatile trend throughout the trading day. It opened today at $2328.79 per ounce, reaching a high of $2331.59 per ounce and a low of $2326.33 per ounce. As of the time of writing, the price of gold was reported at $2329.84 per ounce, up 0.03%.
Federal Reserve officials emphasized unanimously on Tuesday that more evidence of inflation cooling is needed before considering a rate cut, with several policymakers also expressing views on the potential timing of rate cuts. However, disappointing U.S. retail sales data in the evening strengthened hopes for a Fed rate cut this year, pushing down the dollar and U.S. Treasury yields, thereby causing gold to rebound.
Although expectations of a rate cut have been tempered recently, poor U.S. economic data and Middle East tensions have prevented significant declines in gold prices. Additionally, Israeli military officials stated on Tuesday that plans for an attack on Lebanon have been approved, adding a highly uncertain element that could lead to a sharp rise in gold prices if hostilities commence. However, until then, gold is expected to continue experiencing primarily volatile trading.
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