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GOLD: Intraday Analysis & Forecast update

Metal prices are mixed, with gold futures broadly flat at $2,345.0 a troy ounce. The precious metal is trading sideways after Friday’s Personal Consumption Expenditures data showed U.S. inflation had stabilized, slightly boosting hoping for an earlier cut in interest rates by the Federal Reserve. Gold typically has an inverse relationship with interest rates, with higher rates damping investor enthusiasm for non-interest bearing bullion. Elsewhere, aluminum rises 0.2% to $2,661.5 a ton, while copper falls 0.1% to $10,058 a ton. Aluminum prices stayed resilient last week, despite a sharper pullback in copper prices, JPMorgan analysts say in a note. Aluminum prices could be set to slip in the near-term too, as prices appear to be running hot compared to market fundamentals, JPM says.

 

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