Commodities and Futures News

Gold prices steady after recovering past $2,300; rate jitters persist

2024.05.02 01:08

Gold prices steady after recovering past $2,300; rate jitters persist

Investing.com– Gold prices steadied in Asian trade after rebounding back above a key support level on Thursday, although momentum in the yellow metal was stalled by persistent expectations of higher-for-longer U.S. interest rates. 

The yellow metal rebounded in overnight trade after the Federal Reserve quashed expectations for any further interest rate hikes- which pulled down the dollar and offered some relief to commodity prices.

But the Fed still signaled it was in no hurry to begin cutting interest rates- a trend that is expected to limit any major upside in gold.

steadied at $2,319.98 an ounce after sinking below $2,300 earlier this week, while expiring in June hovered around $2,329.0 an ounce by 00:36 ET (04:36 GMT). 

Fed offers mixed signals, nonfarm payrolls awaited

The Fed steady on Wednesday, as widely expected.

But Chair Jerome Powell, in his post-meeting address, offered somewhat mixed signals on the path of rates. 

While Powell said that stalling disinflation- particularly in inflation moving towards the Fed’s 2% target- gave the bank little confidence to begin cutting interest rates early. But Powell also said that the bank did not plan to hike rates further.

The latter comment spurred some weakness in the , pulling it off near six-month highs. This move offered some relief to metal prices, which were nursing steep losses in the lead-up to the Fed meeting.

Still, the prospect of U.S. rates remaining high for longer dents the outlook for gold prices, especially given that safe haven for the yellow metal was also seen declining in recent sessions.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.

Other precious metals rose on Thursday after bruising losses earlier this week. rose 0.6% to $968.30 an ounce, while rose 0.3% to $26.825 an ounce. 

Copper prices steady below 2-year highs 

Among industrial metals, copper prices steadied near two-year highs as uncertainty over U.S. interest rates stalled a recent rally in the red metal. 

on the London Metal Exchange rose 0.5% to $9,950.0 a ton, while fell 0.1% to $4.5648 a pound.

Both contracts remained well below two-year highs hit in April, as markets awaited more cues on economic growth and demand.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 75,009.10 0.85%
ethereum
Ethereum (ETH) $ 2,809.61 6.60%
tether
Tether (USDT) $ 1.00 0.04%
solana
Solana (SOL) $ 187.27 0.22%
bnb
BNB (BNB) $ 595.17 1.85%
usd-coin
USDC (USDC) $ 1.00 0.05%
xrp
XRP (XRP) $ 0.548976 2.66%
dogecoin
Dogecoin (DOGE) $ 0.19191 4.41%
staked-ether
Lido Staked Ether (STETH) $ 2,808.15 6.52%
tron
TRON (TRX) $ 0.160518 1.98%
cardano
Cardano (ADA) $ 0.373863 4.28%
the-open-network
Toncoin (TON) $ 4.90 4.05%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,321.32 6.75%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.71%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 74,936.08 0.88%
avalanche-2
Avalanche (AVAX) $ 26.89 1.88%
weth
WETH (WETH) $ 2,810.16 6.60%
chainlink
Chainlink (LINK) $ 12.28 3.82%
bitcoin-cash
Bitcoin Cash (BCH) $ 378.18 1.51%
sui
Sui (SUI) $ 2.27 1.36%
polkadot
Polkadot (DOT) $ 4.09 0.18%
leo-token
LEO Token (LEO) $ 6.23 0.55%
usds
USDS (USDS) $ 0.994694 0.37%
uniswap
Uniswap (UNI) $ 9.03 0.59%
litecoin
Litecoin (LTC) $ 70.82 1.31%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,958.36 6.74%
aptos
Aptos (APT) $ 9.86 5.54%
near
NEAR Protocol (NEAR) $ 4.17 0.40%
pepe
Pepe (PEPE) $ 0.00001 9.39%
bittensor
Bittensor (TAO) $ 516.57 1.68%
internet-computer
Internet Computer (ICP) $ 7.65 0.78%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 0.48%
dai
Dai (DAI) $ 1.00 0.06%
monero
Monero (XMR) $ 164.06 1.71%
ethereum-classic
Ethereum Classic (ETC) $ 19.98 4.06%
kaspa
Kaspa (KAS) $ 0.118896 0.83%
stellar
Stellar (XLM) $ 0.098678 1.90%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.14%
whitebit
WhiteBIT Coin (WBT) $ 19.34 0.50%
aave
Aave (AAVE) $ 186.15 15.53%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.341061 4.00%
blockstack
Stacks (STX) $ 1.66 0.62%
okb
OKB (OKB) $ 40.00 2.69%
first-digital-usd
First Digital USD (FDUSD) $ 0.999797 0.04%
crypto-com-chain
Cronos (CRO) $ 0.085902 0.74%
dogwifcoin
dogwifhat (WIF) $ 2.32 2.71%
arbitrum
Arbitrum (ARB) $ 0.579659 9.08%
filecoin
Filecoin (FIL) $ 3.73 3.06%
mantle
Mantle (MNT) $ 0.633914 8.12%
celestia
Celestia (TIA) $ 5.11 7.24%