Gold and Silver Bullion Highlights | 5th July

Gold maintained an increase, as disappointing US economic data supported the possibility of the Federal Reserve shifting to monetary easing by September. The valuable metal remained mostly steady on Thursday following a 1.2% increase in the prior day's closing. The surge in purchasing enthusiasm on Wednesday was prompted by data revealing that the US services industry experienced its quickest contraction in four years in June, attributed to a significant decrease in business operations and orders.

In the most recent trading session, exchange-traded funds increased their gold holdings by 12,875 troy ounces. This brings the total net sales for the year to 4.35 million ounces, as reported by Bloomberg data. The acquisitions amounted to $30.3 million based on the spot price from yesterday. ETFs' collective gold reserves decreased by 5.1 percent this year to reach 81.2 million ounces, the highest amount since April 24. Gold's value increased by 14 percent in the current year to reach $2,356.20 per ounce, and it rose by 1.1 percent in the most recent trading session.

In the most recent session, the largest precious metals ETF, SPDR Gold Shares from State Street, increased its holdings by 46,240 ounces. The fund's market value, which is 26.8 million ounces, is $63.2 billion. ETFs reduced their silver holdings by 573,208 troy ounces during the most recent trading session increasing the total net sales for this year to 10.1 million ounces.

Core Perspective: Gold and silver prices are experiencing a mixture of trading activities on the global stock exchanges. Gold and silver prices are anticipated to remain within a certain range or increase slightly for the day. Gold prices are on track for a second consecutive weekly increase due to expectations of a Federal Reserve interest rate cut by the end of the year. Traders are also focusing on upcoming US payrolls data for further insight into the future.