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Gold halt dips on slumped greenback, further rate hints are anticipated

By Rana Gharib
24 Apr,2024
Gold halt dips on slumped greenback, further rate hints are anticipated

Gold traded in a narrow range on Wednesday as extended dips in the yellow metal were capped by slumped greenback, however the wait on edge for further hints on interest rates kept traders cautious of gold.

Bullion prices experienced steep losses from the latest record peaks as the cooled disruptions between Iran and Israel decreased the appetite on the safe haven demand for gold.

Spot gold added 0.3% to $2,330.05 per ounce, while gold futures muted at $2,343.15 per ounce. Spot prices are trading about $100 not close from record peaks touched previously in April.

The greenback dipped overnight following cooler than projected purchasing managers index figures for April.

The retreat in the US dollar buoyed the halt of the latest slid in the yellow metal, as the greenback is the basis for the majority of metal prices.

However, the greenback still maintains some of its gains hit till during April, as markets gradually discounted predictions that the Federal Reserve will drop interest rates sooner than expected.

 

 

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