2024-01-24T05:08:16+00:00
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/ Gold prices fell on Wednesday, with the recovery of hawkish statements from Federal Reserve officials and the rise of the US currency. The data dampened hopes for early interest rate cuts, as investors await a series of economic reports this week for more clarity on the path of interest rates.
By 0327 GMT, gold in spot transactions fell 0.2 percent to $2,024.46 per ounce.
Gold futures were unchanged at $2,025.50, according to Reuters.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
The dollar index (.DXY) fell 0.1%, but remained hovering near the six-week high recorded on Tuesday. Yield on the standard US dollar. 10-year Treasuries fell, but remained above 4%.
In broader financial markets, Asian stocks rose amid optimism that the Chinese authorities will provide support to its stock markets, which fell to their lowest levels in several years.
The market focus is on the US market. The flash PMI report is due at 1445 GMT later today, Q4 GDP estimates on Thursday and personal consumption expenditures data on Friday.
Traders have priced in five quarter-point rate cuts from the Fed for 2024, down from six two weeks ago. The first cut took place in March, and the first cut is now expected to take place in May with a probability of 89%, according to LSEG IRPR Interest Rate Probability Application Opens a new tab.
Silver fell in spot transactions 0.2% to $22.38 per ounce, platinum fell 0.1% to $899.21, and palladium fell 0.5% to $943.23.