Gold slips 1% to touch one-week low ahead of Fed meeting, silver dips 2.6%
India's gold demand rises 8%, RBI buys 19 tonnes in March quarter: World Gold Council The dollar strengthened by 0.3% compared to its counterparts, resulting in an increase in the price of gold for holders of other currencies, alongside a rise in the benchmark 10-year yield. “Gold is down more than 0.5% so far in the session, weighed by a stronger U.S. dollar and elevated yields ahead of the U.S.
Fed's policy outcome on Wednesday. Although the FOMC members are likely to keep rates unchanged, their forward guidance will be closely watched, especially after the recent rise in inflation and slowdown in economic activity," said Pranav Mer, VP - Research (Commodity & Currency) BlinkX and JM Financial. The Federal Reserve commences its two-day monetary policy meeting on Tuesday, with expectations leaning towards maintaining rates at 5.25%-5.5%.
Attention is focused on Fed Chair Jerome Powell's speech scheduled for Wednesday, anticipated to provide further insights into projections regarding rate cuts. Also read: Gold and silver rate today on 30-04-2024: Check latest rates in your city Traders have reduced their expectations for Federal Reserve rate cuts this year, attributing this shift to the recent uptick in U.S. economic data, which has surpassed expectations, along with persistent inflationary pressures.
The price of spot silver experienced a decline of 2.6%, dropping to $26.42 per ounce, while platinum saw a decrease of 0.7%, settling at $940.85. Despite these declines, both metals remained poised to register monthly gains. Spot palladium, on the other hand, witnessed a more significant drop, falling by 3.2% to $943.
Read more on livemint.com
