Gold prices continue to fall in Asian trade today (April 1) after last night’s (April 30) gold futures contracts in the US COMEX market for delivery this month fell to $54.80, closing at $2,302.90/oz. This is because investors are keeping a close eye on the results of the Federal Reserve (Fed) meeting tonight.
Latest in today’s trade Reuters reports that the price of gold has passed the level of $2,300 per ounce. withGold income contractdown another 0.4% to 2,293.10 dollars per ounce, whileSpot gold price (Spot) down 0.1% to $2,284.44 an ounce.
The report says so Gold prices have fallen to near four-week lows, falling more than $140 after hitting a new record of $2,431.29 an ounce on April 12.
Investors expect the results of the Fed meeting between April 30 – May 1 to keep interest rates at 5.25% – 5.5% andJerome Powell The Fed chairman may announce that he will keep interest rates longer than the market expected. This is because the inflation numbers are still at a high level.
“With no improvement in US inflation numbers in 2024, the Fed may need to back off and signal tighter monetary policy.” As a result, the gold market is falling,” Edward Meir, an analyst at Marex, told Reuters.
“If Powell signals tight hawkish policy tonight Gold prices could drop as much as $30 or even $40 between now and the next.”
2024-05-01 06:27:00
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