Gold prices see marginal decline

26 Apr 2024 , 10:58 AM

Gold prices are seeing a marginal decline today. Spot gold slipped 0.1% to $2,331.15 per ounce, down nearly $100 from its recent peak of $2,431.29 on April 12. Weekly, bullion prices have fallen by 2.5%. Meanwhile, U.S. gold futures remained steady at $2,343.50 per ounce.

Despite slow first-quarter economic growth in the U.S., inflationary pressures have strengthened, reducing expectations of interest rate cuts before September. Recent statements from Fed officials suggest a reluctance to cut rates, which typically diminishes the attractiveness of gold as it doesn’t yield interest.

China, a major consumer, saw a 40% increase in net gold imports via Hong Kong in March compared to the previous month.

The Bank of Japan is expected to project inflation to hover around its 2% target in the coming years and may signal a readiness to raise rates from near-zero levels to prevent further weakening of the yen.

For feedback and suggestions, write to us at [e-mail]