Investing.com – Updated at 17:30 Riyadh time
Global gold prices were significantly lower in these moments of today's trading after the release of data on job costs, home prices and consumer confidence in the US.
It is now down 1.95% to $2,312 an ounce.
Spot gold contracts were down 1.5% at $2,301 an ounce.
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Gold prices were on course for a third straight month of gains, despite a fall in bullion prices on Tuesday as the dollar rose ahead of the Federal Reserve's monetary policy meeting starting later today.
As it rose, the yellow metal in US currency became less attractive to foreign buyers. Investors await this week's Federal Reserve meeting and will closely follow data on the labor market in the United States to assess the outlook for monetary policy in the country.
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“I think we're starting to see gold prices move toward those fundamentals, which is a stronger dollar and lower geopolitical risks will lead to higher yields, and with some downside risks the Fed will use a dovish tone toward monetary policy,” Kyle said. Rodda is a financial market analyst at Capital.com.
Gold is up nearly 4% so far this month on strong central bank purchases and safe-haven flows amid geopolitical tensions.
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Key market events this week include the Federal Reserve's April 30-May 1 monetary policy meeting and nonfarm payrolls data scheduled for Friday. The US Federal Reserve is expected to keep its benchmark interest rate unchanged at 5.25%-5.5% at this meeting.
“If the central bank leads to a small retracement to large potential interest rate cuts, or at least more than currently expected in the market, that will support gold,” Ruda added.
Investors are currently pricing in a rate cut this year and expect it to happen in November amid flat inflation numbers and dovish rhetoric from central bank officials, including Chairman Jerome Powell, according to the US rate tracker tool available at Investing Saudi Arabia. High prices reduce the attractiveness of holding non-yielding gold.
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Gold in settlement yesterday
Gold prices rose in late Monday's trading as investors awaited a Federal Reserve meeting this week, benefiting from a weaker dollar and rising Treasury yields.
After settlement, prices for June delivery rose 0.4%, or $10.5, to $2,357.7 an ounce, after posting weekly losses of 2.75%.
This was the highest level of precious metal contract prices since the April 19 session, when trading ended at $2,413.80 an ounce.
Now gold and the dollar
Gold futures are now down 1.32% at $2,326 an ounce.
An ounce was down about 0.85% at $2,315.
On the other hand, the dollar index gained 0.27% to 105.740 points.
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Other metals
“Low stocks continue to encourage restocking of silver in 2024. We expect annual imports to exceed 10,000 tonnes this year,” ANZ Bank said in a note.
Spot silver was down 1.5% at $26.72 an ounce, while spot platinum was down 0.4% at $943.52. However, both metals are headed for monthly gains.
Spot trades lost 1 percent to $964.25 an ounce.
