Gold futures saw a downturn on Tuesday (April 23), marking a second consecutive day of losses as investor concerns over Middle East tensions eased. Market participants remained focused on crucial economic data releases from the United States this week, seeking insights into the timing of potential interest rate adjustments by the Federal Reserve (Fed).
Gold futures dropped by $4.30, or 0.18%, settling at $2,342.10 per ounce. Conversely, silver futures experienced a modest rise of 11.70 cents, or 0.43%, closing at $27.638 per ounce. Meanwhile, platinum futures witnessed a decline of $8.50, or 0.91%, reaching $922.80 per ounce, while palladium futures surged by $11.20, or 1.10%, closing at $1,026.80 per ounce.
Julia Gandochko, CEO of Mind Money, attributed the decline in gold prices to investors’ relief following Iran’s statement indicating no plans to retaliate against Israel. This statement came after Israel’s drone attack on Iran last Friday (April 19), prompting investors to shift towards riskier assets and divest from gold, traditionally considered a safe haven.
Gandochko emphasized that investors are closely monitoring signals from the United States, particularly after recent inflation data and remarks from Fed officials suggested that a rate cut might not materialize in June.
The upcoming release of US gross domestic product (GDP) figures for the first quarter of 2024 on Thursday, along with the Personal Consumption Expenditures (PCE) price index on Friday, will be closely scrutinized. These indicators are pivotal in discerning potential trends in the Fed’s interest rate policy.
Of particular importance is the PCE index, favored by the Fed for its comprehensive coverage of goods and services prices, which offers insights into consumer behavior and inflationary pressures, surpassing the scope of the Consumer Price Index (CPI). Investors will keenly observe these releases for clues about the trajectory of monetary policy in the United States.
The Spot Market is Open
Wednesday, April 14, 2024
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 07.20 | 2,321.70 2,322.70 | +0.30 +0.01% | 2,290.70 2,332.40 |
| Silver 07.20 | 27.22 27.31 | -0.05 -0.20% | 26.67 27.44 |
| Platinum 07.20 | 909.00 919.00 | 0.00 0.00% | 898.00 923.00 |
| Palladium 07.00 | 1,004.00 1,044.00 | 0.00 0.00% | 972.00 1,052.00 |
| Rhodium 05.00 | 4,475.00 5,275.00 | 0.00 0.00% | 4,450.00 5,300.00 |