Wednesday, April 24, 2024

Gold is falling after a sharp rise as investors evaluate US data

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Gold prices fell on Thursday after a five-month high in the previous session as investors reevaluated how the US Federal Reserve would respond to rising consumer prices last month.

Gold spot traded down 0.1 percent at $ 1847.23 an ounce in 0419 GMT. US gold futures rose 0.1 percent to $ 1,850.10.

Yellow metal rose to its highest level since Wednesday, June 15, after consumer price data in the United States showed the highest annual increase in 31 years last month, boosting demand for gold against inflation.

Monetary easing policies aimed at stimulating economic growth during epidemics have pushed gold prices to new highs over the past two years, but any increase in interest rates to reduce inflation will put pressure on gold because it will increase the opportunity cost of buying non-refundable metal.

The dollar price, which is at an all-time high, has also put more pressure on gold. The rising dollar raises the price of gold for buyers of other currencies.

Among other precious metals, silver rose 0.3 percent to $ 24.69 an ounce in spot trading. Platinum was at $ 1066.71 and Palladium was up 0.3 percent at $ 2026.80.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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