Gold and Silver Bullion Updates | 28th June

Gold increased after three days before important US data that could indicate when the Federal Reserve will begin lowering interest rates. The valuable metal increased by up to 1.4% to $2,330.91 per ounce as focus in the market shifted to upcoming economic data on Friday. These consist of the Fed's favorite measure of consumer expenses, which will provide additional insights on a shift towards monetary easing. Gold has decreased by approximately 4% since its peak in May, following Federal Reserve officials indicating that they anticipate cutting interest rates only once this year, down from the previously predicted three cuts in March.

According to data from Bloomberg, exchange-traded funds increased their gold holdings by 68,161 troy ounces in the latest trading session, totaling net sales of 4.62 million ounces this year. Yesterday's spot price equaled $156.6 million in purchases. The amount of gold held by ETFs decreased by 5.4 percent in the current year to 81 million ounces. Gold's price increased by 11 percent to $2,298.23 per ounce this year but decreased by 0.9 percent in the most recent session. In the most recent session, State Street's SPDR Gold Shares, the largest ETF for precious metals, held onto its assets. The market value of the fund's 26.7 million ounces is $61.3 billion. ETFs reduced their silver holdings by 3.11 million troy ounces during the most recent trading session, resulting in total net sales of 11.4 million ounces for the year.

The ZiG is the country's sixth try at establishing a working local currency in the last 15 years. It is supported by 2.5 tons of gold and $100 million in foreign currency reserves stored at the central bank. Monetary authorities have promised not to generate any ZiG that is not adequately supported by reserves to prevent the printing press, which is commonly blamed for the decline of previous local currencies. The lender from Washington also praised the "enhancements in monetary policy discipline" and called for more adjustments to the policy structure.

Core perspective: Today, gold and silver prices are experiencing a mixed trend on global stock exchanges. Gold and silver prices are anticipated to remain within a limited range or increase slightly for the day, as gold prices are on track for their third consecutive quarterly increase - the most successful stretch since the challenging year of 2020 - before a US inflation report reveals insights into the timing of the Federal Reserve's potential interest rate adjustments.