Gold News – 23.May.2024
Gold News
Gold Prices Decline : Gold prices fell to a one-week low, continuing a three-session decline due to profit-taking and indications from the Federal Reserve that interest rates would remain high for longer.
Current and Historical Prices : Spot gold dropped 0.7% to $2,361.76 per ounce, hitting a low of $2,354.79 earlier. It reached a record high of $2,449.89 on Monday but has since fallen 3.6%.
Federal Reserve Impact : Fed minutes showed no rush to cut rates, with some officials questioning if the current policy is restrictive enough. Investors’ net long positions in gold are at a three-year high.
Market Sentiment : Traders doubt the Fed will cut rates more than once in 2024. Despite strong physical demand for gold since 2021, high prices may limit discretionary buying.
Other Metals : Spot silver fell 1.0% to $30.47, platinum dropped 0.5% to $1,029.90, and palladium fell 1.9% to $980.75.
Author : Arman Shaban
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