Gold prices continue to fall in Asian trading today (April 1) after gold futures contracts last night (April 30) in the US COMEX market for June delivery fell to $54.80, closing at $2,302.90/ounce. This is because investors are keeping a close eye on the results of the Federal Reserve (Fed) meeting tonight.
The latest in today’s trade Reuters reports that the price of gold has fallen below the level of $2,300 per ounce.gold futures contractdecreased 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 that 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 30 April – 1 May to maintain interest rates at 5.25% – 5.5% andJerome Powell The chairman of the Fed may indicate that he will hold interest rates longer than the market had expected. This is because the inflation numbers are still at a high level.
“With no increase in US inflation numbers in 2024, the Fed may have to backtrack and signal tighter monetary policy. As a result, the gold market is falling,” Edward Meir, an analyst at Marex, told Reuters.
“If Powell signs a tight hawkish policy tonight gold prices could drop as much as $30 or even $40 between now and next.”
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