Key Points
(Reuters) Gold prices eased on Monday, hovering below the over two-week peak hit in the previous session, as fading odds of an early U.S. interest rate cut weighed on the non-yielding metal, although growing tensions in the Middle East capped further losses...
U.S. gold futures edged 0.2% lower to $2,044.5 per ounce...
Geopolitical concerns have not dissipated and this is keeping the yellow metal very much on the radar of investors from a safe-haven standpoint, Tim Waterer, chief market analyst at KCM Trade, said.. Tensions mounted in the Middle East over the weekend as Israeli troops and Palestinian gunmen clashed throughout the Gaza Strip, while mediators picked up the pace of talks on a possible ceasefire to free hostages held by Hamas...
If solid U.S. macro data continues to create hesitation from the Fed regarding when to cut rates, this could create further headwinds for gold as investors may chase yield elsewhere, Waterer said.. Markets are currently pricing in a 71% chance of a Fed rate cut in June, according to the CME Fed Watch Tool...
A hawkish Fed tone, rebounding U.S. dollar, and resilient economic data are pushing out FOMC (Federal Open Market Committee) policy rate cuts to mid-2024, Citi Research, which lowered its 0-3 monthgold price target to $1,950 per ounce, said in a note...
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