2024-01-17T04:40:39+00:00
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/ Gold prices stabilized on Wednesday after a significant decline in the previous session as comments by a Federal Reserve official weakened expectations of a rate cut in March.
Spot gold was unchanged at $2,027.62 per ounce by 02:36 GMT, after falling 1.3 percent in the previous session, its biggest one-day drop since Dec. 4.
The price of US gold futures changed slightly to $2030.90.
Waller’s comments sparked a broad sell-off, sending all three major U.S. stock indexes lower. His comments pushed the dollar to its highest level in more than a month and benchmark U.S. Treasury yields to their biggest gain in more than three months on Tuesday.
A stronger dollar would make bullion more expensive for holders of other currencies, while higher interest rates would reduce the appeal of non-yielding gold.
Among other precious metals, silver, platinum and palladium each fell 0.1 percent. Spot silver was at $22.89 per ounce, platinum at $894.29 and palladium at $937.52.