Gold prices remain range bound

30 Apr 2024 , 09:25 AM

Gold prices remain range bound in early trading today.

Spot gold held firm at $2,334.92 per ounce as of 0124 GMT, while U.S. gold futures dipped slightly by 0.5% to $2,346.00 per ounce.

With a 4.6% gain so far this month, bullion prices have continued their upward trajectory.

Market attention is squarely focused on the Federal Reserve’s two-day policy meeting commencing later today, as well as the release of non-farm payroll data scheduled for Friday. The consensus is for the Fed to maintain its benchmark interest rate within the range of 5.25% to 5.5% during this meeting.

The challenge for Fed policymakers lies in the absence of any significant slowdown or narrowing of inflation, complicating the characterization of their next policy moves.

Following a March report indicating higher-than-expected consumer price inflation, expectations for Fed rate cuts have been tempered among traders.

The allure of holding non-yielding bullion diminishes in the face of rising interest rates. As a result, spot silver dipped by 0.1% to $27.09 per ounce, while platinum saw a modest increase of 0.6% to $952.45 per ounce. Palladium experienced a slight decline of 0.2%, reaching $972.68 per ounce.