Metals

Metals

Date : 2024-01-25
Time : 10:00:00
Metals
  • Gold prices nursed steep losses on Thursday as anticipation of a barrage of U.S. economic and interest rate cues kept traders averse to the yellow metal, while copper sat on strong gains this week following more stimulus measures from China.
  • Bullion prices had fallen 0.7% on Wednesday, largely disregarding some weakness in the dollar as anticipation of key U.S. gross domestic product (GDP) and inflation data brewed more uncertainty over interest rates.
  • The yellow metal was battered by increasing bets that the Federal Reserve will cut interest rates later, instead of earlier this year. A series of record-high finishes on Wall Street also dented demand for gold, as traders shifted towards more risk-heavy, high-yielding assets.
  • Spot gold rose 0.1% to $2,015.36 an ounce, while gold futures expiring in February steadied at $2,015.20 an ounce by 00:38 ET (05:38 GMT). Futures prices falling below the spot rate indicated that traders expected a near-term decline in gold prices.
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