Gold plummeted without stopping, selling trend
World gold prices turned to inch up slightly with spot gold increasing by 15 USD to 2,173.5 USD/ounce. Gold futures last traded at 2,179.5 USD/ounce, up 13.4 USD compared to yesterday morning.
World yellow metal prices rebounded on Wednesday, supported by a weakening USD as investors remained hopeful the US Federal Reserve (Fed) would cut interest rates in June despite inflation. Inflation in the US increased. Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain.
After the recent recovery, experts are optimistic about the yellow metal.
On Tuesday, bullion retreated from a record high notched last week, posting its worst one-day decline since February 13 after a new report showed US consumer prices increased sharply in February, showing that inflation is still persistent.
Higher inflation data makes it difficult for the Fed to ease monetary policy and this will put pressure on non-interest-bearing assets such as gold.
Despite hotter-than-expected inflation data, traders continue to bet the Fed will cut interest rates in June. According to the CME FedWatch tool, the market is currently pricing in a roughly 65% chance The Fed will loosen monetary policy.
World yellow metal prices rebounded on Wednesday, supported by a weakening USD as investors remained hopeful the US Federal Reserve (Fed) would cut interest rates in June despite inflation. Inflation in the US increased. Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain.
After the recent recovery, experts are optimistic about the yellow metal.
On Tuesday, bullion retreated from a record high notched last week, posting its worst one-day decline since February 13 after a new report showed US consumer prices increased sharply in February, showing that inflation is still persistent.
Higher inflation data makes it difficult for the Fed to ease monetary policy and this will put pressure on non-interest-bearing assets such as gold.
Despite hotter-than-expected inflation data, traders continue to bet the Fed will cut interest rates in June. According to the CME FedWatch tool, the market is currently pricing in a roughly 65% chance The Fed will loosen monetary policy.
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