Gold prices stabilize at $2287.82 per ounce after a significant decline yesterday

  • Gold prices stabilized on global stock exchanges today, after the significant decline they witnessed yesterday, as strong US economic data weakened hopes that the Federal Reserve would quickly shift to monetary easing.
  • The price of the precious metal in spot transactions reached $2,287.82 per ounce, while the Bloomberg Dollar Spot Index rose by 0.1%, after achieving gains of 0.6% yesterday, Tuesday, and silver stabilized, while palladium and platinum declined.
  • Gold prices ended trading yesterday, Tuesday, with a decline of 2.1%, as investors focused on the reading that showed an acceleration in a broad index of US labor costs in the first quarter.
  • The report reinforced pessimism that the Federal Open Market Committee will adopt a more stringent tone in announcing its decision on interest rates later on Wednesday.
  • Swaps markets show that only one rate cut has now been fully priced in for 2024, short of the three cuts the Fed said in December it was targeting, and higher interest rates are typically negative for non-yielding precious metals.
  • On the other hand, the US dollar index jumped the most in more than two weeks yesterday, Tuesday, and the rise in the dollar makes the precious metal more expensive for most buyers.
  • However, gold is still up by more than 10% this year, amid strong demand from Asian markets, especially China, and conflicts in Ukraine and the Middle East.
  • The World Gold Council said yesterday that demand from central banks recorded its strongest start ever during the first quarter.

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