Gold prices stem losses as dollar falls; more rate cues awaited
- Investing.com
- |
- Published: 24.4.2024. 0:00:00
Bullion prices were nursing a sharp drop from recent record highs as easing tensions over a war between Iran and Israel sapped away at safe-haven demand for the yellow metal.
rose 0.3% to $2,330.05 an ounce, while expiring in June steadied at $2,343.15 an ounce by 00:04 ET (04:04 GMT). Spot prices were now trading about $100 away from a record high hit earlier in April.
Dollar weakness offers limited relief to gold prices
The fell in overnight trade after softer-than-expected data for April.
Weakness in the greenback helped stem a recent drop in gold, given that most metal prices are pegged to the dollar.
But the dollar still retained a bulk of its gains made so far in April, as markets steadily priced out expectations of early interest rate cuts by the Federal Reserve.
While safe haven demand had initially helped gold rise past these headwinds, a lack of escalation in the Middle East now left bullion vulnerable to fears of higher-for-longer rates.
High rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal.
Other precious metals rose in Asian trade against a weaker dollar, but were still nursing steep losses in recent sessions. rose 0.4% to $924.50 an ounce, while rose 0.5% to $27.485 an ounce.
Source: Investing.com
Tags: Capital markets Exchange rates Commodities Funds Indexes Money markets Stock exchanges
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