Tuesday, April 16, 2024

Gold fell amid a stronger dollar and expectations of a U.S. Federal Reserve meeting by Reuters


© Reuters. Gold nuggets at West Point, New York, USA. Photo from Reuters archive.

(Reuters) – The dollar slumped on Monday as investors cautiously awaited a decision by the Federal Reserve to raise interest rates later this week.

By 0531 GMT, it was down 0.5 percent at $1980.42 an ounce, while U.S. gold futures were down 0.5 percent at $1989.10.

It rose 0.2%, making the dollar-denominated metal more expensive for overseas buyers.

The Federal Open Market Committee meets on Tuesday and Wednesday and investors expect a 25 basis point rate hike.

Data released Friday showed U.S. consumer spending was unchanged in March, while underlying inflationary pressures remained strong, which could lead the U.S. Federal Reserve to raise interest rates again.

Gold prices rose more than 1 percent in April as renewed worries about a U.S. banking crisis prompted investors to move to safe-haven assets.

Expectations are rising that the European Central Bank will raise interest rates for the seventh consecutive time at its meeting on Thursday.

As for other precious metals, it rose 0.1 percent to $25.06 an ounce, while platinum fell 0.7 percent to $1,066.56 and 0.4 percent to $1,495.06.

(Prepared by Mohamed Attia for Arabian Bulletin – Editing by Dua Mohamed)

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Nadia Barnett
Nadia Barnett
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