2024-04-23 10:28:48
Global gold prices fell 5% in 3 sessions following hitting record highs, as gold prices fell to their lowest levels in more than two weeks on Tuesday amid fears of Wider conflict in the Middle East has subsided, strengthening investors’ appetite for risk and reducing demand for gold as a safe haven..
Gold fell regarding 1% in spot trading to $2,304.99 an ounce during trading. U.S. gold futures fell 1.2 percent to $2,318.80 an ounce..
Gold fell more than 2% in the previous session, recording the biggest daily decline in more than a year..
Policymakers, including Federal Reserve Chairman Jerome Powell, declined last week to provide guidance on when interest rates might be cut, saying instead that monetary policy should be tight for a year. longer period..
High interest rates reduce the attractiveness of holding non-yielding gold.
Markets are also awaiting the release this week of personal consumption expenditure data for March, the US Federal Reserve’s preferred measure of inflation, to provide further clues on the direction of monetary policy..
Looking at other precious metals, silver rose 0.4% to $27.31 an ounce, platinum rose 0.2% to $919.05, while palladium fell by 0.1% to $1,007.58..
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