- Gold prices edge lower but remain on track for a third consecutive quarterly gain, supported by a key U.S. inflation report and declining Treasury yields.
- Silver is set for a quarterly gain, reflecting its resilience in the current economic environment and positive investor sentiment.
- As the market anticipates potential monetary easing, platinum is poised for a quarterly gain, reflecting its attractiveness amid a stabilizing economic outlook.
Gold prices edged lower on Friday but remained on track for a third consecutive quarterly gain. The market steadied following a key U.S. inflation report that aligned with expectations, increasing hopes for a Federal Reserve rate cut by September. Declining U.S. Treasury yields further supported gold, making it more attractive for investors. Traders are now pricing in a 68% chance of a September rate cut, up from 64% before the inflation data release, according to the CME FedWatch tool.
Gold is trading at $2,327.53, down 0.01%. The 50-day SMA at $2,337.58 acts as resistance. Key support levels are $2,305.35 and $2,294.30. Resistance levels are $2,390.93 and $2,401.88. The 14-day RSI at 49.47 indicates neutral momentum. If gold holds above $2,305, a retest of resistance levels is likely, suggesting a potential bullish trend.
