2024-01-17T04:40:39+00:00
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/ The price of gold stabilized on Wednesday, after a significant decline in the previous session, as statements by a Federal Reserve official weakened expectations of cutting interest rates in March.
The price of gold in spot transactions did not change and remained at $2,027.62 per ounce by 02:36 GMT, after it fell 1.3 percent in the previous session, which is the largest decline in one day since December 4.
The price of US gold futures changed slightly to $2,030.90.
Waller’s comments sparked widespread selling, sending the three major US stock indexes lower. His comments pushed the dollar to its highest level in more than a month and benchmark US Treasury bond yields to record their largest increase in more than three months on Tuesday.
A stronger dollar would make bullion more expensive for holders of other currencies, while higher interest rates reduce the appeal of non-yielding gold.
In terms of other precious metals, silver, platinum and palladium fell 0.1 percent separately. The price of silver in spot transactions was $22.89 per ounce, platinum was $894.29, and palladium was $937.52.