2024-04-22 08:20:00
Investing.com – Gold prices fell more than 1% during trading Monday, as waning fears of broader conflict in the Middle East led to a decline in the appeal of the metal as a safe haven, while market participants awaited the publication. US inflation data from Due later this week for interest rate expectations.
Iran has downplayed Israeli drone attacks on Iran, in what appears to be a move aimed at avoiding regional escalation.
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“At the moment, there is a lack of catalysts to push gold prices higher,” said Kelvin Wong, chief market analyst for Asia Pacific at OANDA. “At this point, it appears to us that the market is coming to terms. the high cost of holding gold.
Asian stocks recovered some of their losses and bond yields rose as investors turned once more to riskier assets. With the increase in high-risk assets, stock trading is one of the aspects of investing that provides good returns, as you can buy stocks at low prices that are expected to rise in the future in knowing the fair value of the stock. and whether or not they are undervalued or overvalued, all this data and more. Available through Investing Pro, you can subscribe now for less than $9 per month and make your financial decisions based on clear data. To subscribe: from here
However, Wong said geopolitical risks remain positive for gold in the medium to long term as the conflict between Israel and Hamas lacks clarity and signs of a ceasefire.
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David Major, director of metals trading at High Ridge Futures, said: “The escalation in the Middle East has dominated markets, and if the situation deteriorates, gold will decline or consolidate as stock buying shelters will slow down. »
While the “Antaikei” Research Foundation, supported by the Chinese government, confirmed that gold has made strong gains this year, and will rise further thanks to strong Chinese demand expectations and the state of uncertainty prevailing in the macroeconomic climate, according to “Reuters”.
At the same time, Chicago Fed President Austan Goolsbee said progress on reducing inflation has “stalled” this year, echoing statements by other Fed officials who believe that interest rates will need to remain high for longer to bring price pressures under control once more.
The Personal Consumption Expenditures Price Index, the Fed’s preferred measure of inflation, is scheduled to be released Friday.
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Gold at settlement Friday
Prices rose as trade closed on Friday, supported by demand for safe-haven assets in light of escalating geopolitical tensions in the Middle East, with the yellow metal’s most active contracts posting gains for a fourth week consecutive.
At settlement, gold futures prices for June delivery rose 0.65%, or $15.8, to $2,413.8 an ounce, the 11th record high this month, following hitting $2,433.30, making gains of 1.65% during the week.
Gold and the dollar now
Gold futures are now down 1.7% at $2,373 an ounce.
While it fell around 1.4% to $2,359 an ounce.
However, it stabilizes at 106,010 points.
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other metals
Spot trading fell 3.2 percent to $27.72 an ounce, platinum lost 0.6 percent to $925.70 and fell 1.7 percent to $1,008.62.
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