2024-04-24 22:03:35
Gold prices fell for a third session yesterday, partly due to hedge funds reducing their allocations to gold amid fears of a major escalation of the Middle East crisis, while investors are awaiting important U.S. economic data that might shed more light on the timing of interest rate cuts. rates.
Gold fell in instant trading by 0.3% to $2,315.34 an ounce, following hitting its lowest levels since April 5 in the previous session. U.S. gold futures fell 0.6% to $2,328.60.
Giovanni Stonovo, an analyst at UBS Bank, said one reason for the price decline is that hedge funds have reduced their allocations to gold while some tensions in the Middle East have eased somewhat in recent times. days.
The US dollar regained some of its gains yesterday while yields on benchmark Treasury bonds also rose, making the yellow metal priced in dollars less attractive to holders of other currencies and as an investment option compared to the debt.
Investors are now looking to U.S. GDP data due today, Thursday, and the Personal Consumption Expenditures report due tomorrow, Friday, for further clues on where interest rates are moving. interest.
Silver fell 0.6% to $27.11 an ounce in spot trading, platinum rose 0.3% to $909.91, while palladium fell 0.1% at $1,018.09.
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