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Gold and Silver Prices Recover After Sell-off, Yellow Metal Up by 1.23%

25 Jan 2024 , 11:08 AM

Even though losses were contained by a declining dollar, gold fell on Wednesday as investors anticipated further economic data to determine when the Federal Reserve could first lower interest rates.

Spot gold was down 0.3% to $2,021.99 per ounce. At $2,023.40, US gold futures were down 0.1%.

According to an S&P Global survey, U.S. business activity increased in January and inflation seemed to be decreasing.

Certain investors are reconsidering their wagers over the pace at which the Fed will lower rates this year due to the robust U.S. economy and resistance from central bank officials.

The markets anticipate that the Fed will maintain current interest rates during its policy meeting on January 30-31 and have postponed the first interest rate drop, according to the CME's FedWatch Tool.

The announcement of a significant reduction in bank reserves by China's central bank will bring in roughly $140 billion in new funds for the banking sector.

Investors will now be watching the advance estimates of the U.S. GDP for the fourth quarter on Thursday and the statistics on personal consumption expenditures on Friday.

The opportunity cost of owning non-yielding bullion is decreased by lower interest rates.

Palladium increased by 0.8% to $955.87, platinum by 0.3% to $903.13, and spot silver by 1.1% to $22.67 per ounce.

For feedback and suggestions, write to us at editorial@iifl.com

Gold and silver prices today: Yellow metal recovers after heavy sell-off;  price rises by 1.23% - BusinessToday

Related Tags

  • FED
  • gold
  • inflation
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