Gold fell 1% as fears of escalating conflicts in the Middle East receded

Normal

April 22, 2024

13:59 PM

Gold fell 1% as fears of escalating conflicts in the Middle East receded

Gold prices fell more than 1 percent on Monday as fears of an escalating conflict in the Middle East eased demand for safe havens, while traders anticipated the release of key U.S. inflation data later this week. Search for signals about price direction.
Gold was down 1.4 percent at $2,357.19 an ounce in spot trades. U.S. gold futures fell 1.8 percent to $2,371.
Prices rose to $2,417.59 in the previous session, not far from the record high of $2,431.29 recorded on April 12.
“Currently, there are no catalysts to push gold prices higher,” said Kelvin Wong, chief market analyst for the Asia-Pacific region at OANDA. “At this point, it appears to us that the market is now approaching a point where it will perceive a higher price to hold gold.”
However, he explained that with no signs of an immediate ceasefire in the conflict in Gaza, the geopolitical risk premium remains positive in the medium and long term.
The Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditure Index, is due to be released on Friday.
“Despite the possibility of a weak, short-term decline before the end of the second quarter, we expect gold and silver markets to rise to $2,500 per ounce and $30-32 per ounce in the second half of 2024,” Citibank's research arm said. wrote in a note.
In spot transactions, silver fell 3.2 percent to $27.72 an ounce, platinum was down 0.6 percent to $925.70 and palladium was down 1.7 percent to $1,008.62. (Reuters)

See also  Scientists have discovered "smoking stars" in the Milky Way galaxy

Leave a Reply

Your email address will not be published. Required fields are marked *