Gold prices retreat as US dollar hits over one-month high, yields hold above 4%; silver futures decline
Also Read: Gold and silver prices Today on 16-01-2024 : Check latest rates in your city Fed Governor Christopher Waller is scheduled to deliver a speech on the economic outlook before the Brookings Institution, with at least other six officials due to speak this week. "Fed officials probably will keep a neutral guidance, keeping all options on the table based on incoming data. So to see gold prices tick higher, we need to remain on a soft landing path," said UBS analyst Giovanni Staunovo.
The US central bank is widely expected to hold its policy rate steady at the end of its January 30-31 meeting. Traders now see a 73 per cent probability of an interest rate cut in March, according to the CME Fedwatch tool. Lower interest rates increase non-yielding bullion's appeal.
Elsewhere, European Central Bank officials pushed back against market expectations for rapid rate cuts this year. Spot silver fell 0.9 per cent to $22.99 per ounce, platinum declined 1.4 per cent to $902.22, and palladium slipped 1.7 per cent to $954.76, according to Reuters. Gold prices slipped ₹100 to ₹63,450 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities.
The precious metal had ended at ₹63,550 per 10 grams in the previous trade. Silver also declined ₹300 to ₹76,400 per kilogram. Snapping the two-day winning streak, spot gold prices in the Delhi markets are trading at ₹63,450/10 grams, down by ₹100, said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
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