Gold Prices Slip Despite Fed Rate Cut Announcement, Dollar Strength
Gold Prices Slip Despite Fed Rate Cut Announcement, Dollar Strength

Gold prices went down on Weekend Friday after reaching near-record levels the day before. This was because the dollar got stronger. But, they were still set to go up for the week after the U.S. Federal Reserve said it expected to lower interest rates three times in 2024.

The price of gold that you can buy right away (spot gold) dropped by 0.7% to $2,166.20 per ounce, as of 1026 GMT on Friday. It was on track for its fourth weekly increase out of the last five weeks, currently up by 0.5%. The price of gold for future delivery in the U.S. also fell by 0.8%, to $2,168.

In India, gold prices fell by Rs.875 to Rs.66,575 per 10 grams in the capital city, Delhi, on Friday. This was because the trends in global markets were not so good. In the previous trade, gold had settled at Rs.67,450 per 10 grams.

The dollar got stronger, which made gold more expensive for people who use other currencies.

On Thursday, gold prices reached a new all-time high. This was the fifth time it happened this month. This rise came as members of the Federal Reserve said they planned to lower interest rates by three-quarters of a percentage point this year, even though there were signs that inflation was strong.

Bank of America Global Research said that investment in gold went up to the highest level in almost a year during the week that ended on Wednesday. At the same time, investors took their money out of cash and stocks.

Silver went down by 0.8% to $24.57 per ounce, while platinum decreased by 0.2% to $905.90, and palladium fell by 0.3% to $1,007.75. All of these metals were set to go down for the week.

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