Gold prices decline marginally

29 Apr 2024 , 10:44 AM

Monday saw a marginal decline in gold prices as investors waited for more information regarding the timing of the US Federal Reserve’s first interest rate decrease.

Spot gold dropped 0.3% to $2,328.20 an ounce. US gold Futures were down 0.3% at $2,339.70 an ounce.

The dollar gained 0.1% relative to its competitors. For buyers holding other currencies, gold purchased in US dollars becomes more expensive due to a higher dollar.

The personal consumption expenditures (PCE) price index in the United States grew by 0.3% last month, as anticipated; this data is not expected to alter predictions that the Federal Reserve would postpone raising interest rates until September.

The most recent inflation statistics will not only provide little reason for Fed policymakers to feel more pressure to lower rates immediately, but it will also provide no reason to rule out the possibility that rate reductions may occur later in the year.

According to news reports, China’s gold consumption increased by about 6% in the first quarter compared to the same period last year.

As domestic prices declined and purchasers were drawn in, physical gold dealers in India last week charged premiums for the first time in almost two months, while premiums in China, the leading consumer, decreased.

As it fights low metal prices, Impala Platinum indicated that the reorganization of its South African businesses could result in the loss of 3,900 jobs.

Compared to the first two months of the quarter, China’s industrial earnings decreased in March, casting doubt on the durability of the country’s recovery as the second-biggest economy in the world.

Spot silver dropped 0.2% to $27.12 per ounce, palladium dropped 0.8% to $946.75, while platinum dropped 0.1% to $915.10.

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