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cnbc.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Gold price today: Gold rate dips from all-time peak. Check latest value
Gold price on Wednesday fell, as some profit-booking kicked in after prices scaled a record peak, while focus shifted to U.S. Federal Reserve policy decision due later in the day.
Spot gold fell 0.2 per cent to $3,027.89 an ounce, as of 0930 GMT, after hitting an all-time peak of $3,045.24 earlier in the session. U.S. gold futures shed 0.1 per cent to $3,036.60.
There is a possibility of profit booking because the price rally was quite sharp, but «it's possible for prices to move beyond $3,050 level driven by market fears in terms of geopolitics,» said Soni Kumari, a commodity strategist at ANZ.
Gold, considered a safe investment amid periods of uncertainties, has scaled 15 record highs so far this year.
Investors are worried about an economic slowdown and elevated risks of recession due to U.S. President Donald Trump's tariff policy. While, conflict in the Israel has resumed after attacks on the Gaza Strip.
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Trump floated plans of reciprocal and sectoral tariffs that will be imposed on April 2. Focus is also on the U.S. central bank policy decision due at 1800 GMT followed by Fed Chair Jerome Powell's comments.
The Fed is expected to maintain its benchmark interest rate within the 4.25 per cent-4.50 per cent range. Money markets currently see a 98 per cent chance of U.S. rate cut in June, according to CME FedWatch Tool.
Gold becomes more attractive when interest rates are low as it is a non-yielding asset.
Spot silver dropped 1.1 per cent to $33.64 an ounce, platinum lost 1 per cent to $987.20 and palladium fell 0.8 per cent to $959.25.
FAQs
Q1. What is current silver price?
A1. Spot silver dropped 1.1 per cent to $33.64 an ounce, platinum lost 1 per cent to $987.20 and palladium fell 0.8 per cent
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