Gold was near two-week lows, as expectations for deeper interest rate cuts eased.
He gold widened its losses by sixth consecutive session on Wednesday and at two-week lows before reducing expectations of deeper interest rate cutswhile traders focused their attention on the Federal Reserve meeting minutes and inflation data.
He spot gold It fell 0.2%, to $2,616.71 per ounce, after hitting its lowest level since September 20 on Tuesday. The gold futures In the United States for delivery in December they were stable at $2,635.20.
“The precious metals sector seems somewhat disappointed following yesterday’s meeting of China’s National Development and Reform Commission, which Rekindled concerns about Chinese growth and demand in the fourth quarter. Additionally, gold faces the possibility of less aggressive rate cuts,” said Zain Vawda of MarketPulse by OANDA.
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Bullion, which does not bear interest, They are considered a safe investment and thrive in a low rate environment.
China is the world’s largest consumer of gold, although record prices and concerns about the economy They dampened consumer morale.
The rebound in gold prices to reach all-time highs It also dashed the Indian gold metal sector’s expectations of a lucrative festive season.
Even after losses, Gold prices set to climb more than 25% this yearafter reaching a record of US$2,685.42 on September 26.
The minutes of the Fed’s September monetary policy meeting will be published todaywhile the data on the Consumer Price Index (CPI) and the Producer Price Index (PPI) of the United States will be released on Thursday and Friday, respectively.
Source: Ambito
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