2024-04-23 02:18:00
(Reuters) – They fell to their lowest level in more than two weeks on Tuesday as fears of broader conflict in the Middle East faded, boosting investors’ appetite for risk and reducing demand gold as a safe haven.
It fell about 1% to 2,304.99 an ounce at 0336 GMT. 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 intraday decline in more than a year, after Iran said it had no plans to react following an apparent drone attack.
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 March personal consumption expenditure data, the U.S. Federal Reserve’s preferred measure of inflation, for additional clues on the direction of monetary policy.
As for other precious metals, spot trading rose 0.4 percent to $27.31 an ounce, and platinum rose 0.2 percent to $919.05, while it fell 0.1 percent to $1,007.58.
(Prepared by Ali Khafaji for the Arab Bulletin)
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