Gold News – 01.May.2024
Gold News
Gold Prices : Spot gold remained near a four-week low, flat at $2,285.69 per ounce as of the latest update, following a drop due to a stronger dollar and U.S. Treasury yields.
Recent Low : The price had fallen over $140 from a record high of $2,431.29 on April 12.
U.S. Gold Futures : They were down by 0.3% at $2,296.30 per ounce.
Federal Reserve Policy Decision : The focus is on the Fed’s policy decision, expected to maintain interest rates between 5.25% to 5.5%.
Rate Cut Expectations : Financial markets anticipate one U.S. rate cut before December, with strong U.S. labor markets suggesting it’s more likely to be one cut rather than two.
U.S. Economic Data : Recent data indicates U.S. labor costs have risen more than expected, aligning with strong inflation data.
Gold’s Appeal : High interest rates diminish the attractiveness of gold, which is traditionally seen as an inflation hedge.
China’s Market Closure: China’s financial markets will be closed from May 1 to 5 for the Labour Day holiday.
Other Metals : Spot silver and platinum prices rose by 0.6%, while palladium fell by 0.7%, reaching a near two-month low.
Author : Arman Shaban
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