2024-03-27 05:14:11
Gold prices remained locked in a narrow range, Tuesday, as investors’ focus shifted to US inflation data, scheduled for release later this week, which may shed more light on the timing of the first interest rate cut by the US central bank this year.
Gold prices reached a record level last week after policymakers at the Federal Reserve (the US central bank) indicated that they still expect to cut interest rates by three-quarters of a percentage point by the end of 2024 despite the recent high inflation readings.
Investors are now looking forward to US Core Personal Consumption Expenditure Price Index data scheduled for release on Friday.
The index is expected to rise 0.3 percent in February, which will maintain the annual rate at 2.8 percent.
Spot gold prices fell by 0.06 percent at $2,170.60 per ounce by 04:18 GMT, while US gold futures fell by 0.25 percent to $2,170.95 per ounce.
As for other precious metals, silver fell in spot transactions by 0.19 percent at $24.63 per ounce, platinum rose 0.4 percent to $906.10, and palladium also rose 0.4 percent to $1,009.14.
Suggest a correction
2024-03-27 05:14:11