login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

Gold Rises as Dollar Slips, But Posts Worst Week in Five Months

25 May 2024 8:50 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 25 May (Commoditiescontrol): Gold prices edged up on Friday as the dollar weakened, but the precious metal recorded its steepest weekly decline in five and a half months amid tempered hopes for U.S. interest rate cuts. Spot gold increased by 0.2% to $2,332.77 per ounce, benefiting from a 0.4% drop in the U.S. dollar index, which made gold cheaper for holders of other currencies. However, U.S. gold futures fell slightly by 0.1% to $2,334.50.

After reaching a record high of $2,449.89 on Monday, gold prices have plummeted by more than $100, marking a 3% drop for the week—the worst since early December. This decline followed the release of minutes from the Federal Reserve’s latest meeting, indicating that achieving the 2% inflation target might take longer than anticipated.

Market sentiment reflected growing skepticism about multiple rate cuts in 2024, with traders now seeing a 63% chance of a single rate cut by November, as per the CME FedWatch Tool. Higher interest rates generally diminish the appeal of non-yielding assets like gold.

Despite the current rate outlook uncertainties, gold has gained 13% this year, driven by strong demand from China and persistent geopolitical tensions, according to analysts.

Other precious metals also saw mixed performances. Spot silver rose 0.5% to $30.25 per ounce after hitting an 11-year high on Monday. Platinum increased by 0.8% to $1,027.25, while palladium dropped 0.7% to $962.50. However, all three metals were poised for weekly losses.

(By Commoditiescontrol Bureau: 09820130172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
Market Snapshot MCX - NCDEX
Market Snapshot MCX - NCDEX
more
Top 5 News
DCE Daily Rates Update ( Time: 20:19 ) - 18 JUNE 2024
ICE/ZCE Daily Rates Update ( Time: 20:18 ) - 18 JUNE 20...
London Metal Exchange Settlement - 18-Jun-2024
Market Wise Chana Arrivals: Supply Up By 9.46% Against...
Market Wise Tur Arrivals: Supply Up By 0.48% Against P...
Top 5 Special Reports
Weekly: ICE Sugar Futures Revived By ISO's Global Defic...
Weekly: Cotton Prices Slide for Third Consecutive Week ...
India Plans Boost in Arhar and Urad Dal Production to T...
US soybean net sales for May 31-June 6 at 377,100 MT, u...
US cotton net export sales for May 31-June 6 at 177,100...
Copyright © CC Commodity Info Services LLP. All rights reserved.