2024-04-10T04:52:00+00:00
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/ Gold prices stabilized today, Wednesday, near the record peak recorded in the previous session, as the metal, which is considered a safe haven, reinforced an appropriate combination of emerging inflationary risks and ongoing geopolitical tensions.
There was little change in gold in spot transactions at $2,351.94 per ounce by 03:39 GMT, after hitting a record high of $2,365.09 on Tuesday. US gold futures gained 0.3 percent to $2,369.90.
The US March CPI report due at 12:30 GMT is expected to show that the CPI rose year-on-year to 3.4%, while the core CPI is expected to slow to 3.7%, according to a Reuters poll.
Markets are also awaiting minutes from the Federal Reserve’s March meeting scheduled for 1800 GMT. The Fed held interest rates steady at a range of 5.25%-5.50% last month and indicated it still expects to cut them by 75 basis points by the end of 2024.
Last week’s strong US jobs report, which defied expectations, raised more questions about the feasibility of lowering interest rates this year.
High interest rates reduce the attractiveness of holding non-yielding gold.
There was little change in spot silver at $28.15 per ounce, after reaching its highest levels since June 2021 on Tuesday.