Gold hits over two-week low despite touching record highs in 2024; What's hurting the yellow metal's appeal?
to an all-time high of $2,431.29 on April 12, according to news agency Reuters. US gold futures slipped 0.6 per cent to $2,331.80. Elsewhere, spot silver was little changed at $27.17.
Auto catalyst metal platinum dipped 0.5 per cent to $912.90, while palladium gained 1.2 per cent to $1,020.75. On the multi commodity futures, gold futures dipped 0.22 per cent at ₹71,042 per gram. Also Read: Gold prices rise 7.60% this month, 15% in YTD.
How income tax rule applies on your gains? -Israeli strikes intensified across Gaza in some of the heaviest shelling in weeks, but with fears of a wider conflict receding after Iran said last week that it had no plan to retaliate following an apparent Israeli drone attack, financial markets showed signs of sharper appetite for risk. -According to analysts, this has meant gold, which is traditionally seen as a haven from risk, has lost ground. The market is also closely monitoring signals from the US, where inflation data and statements from the US Federal Reserve indicate that interest rates may not be cut in June.
Also Read: Equities and gold shine in FY 2023: What should be your portfolio strategy for FY 2024? -Recent remarks from US Fed officials hinted at no hurry to cut rates, reducing the appeal of non-interest paying bullion. Traders now expect the first Fed rate cut to come most likely in September. The market will keep a tab on US GDP data due on Thursday and the Personal Consumption Expenditures (PCE) print on Friday for more clues on the health of the economy and the timing of cuts.
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