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MODEL PORTFOLIO THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
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Investment Tips Explainers Retirement
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June 21, 2024
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Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
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investment-ss-3
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Policy rate views: Fed expected to do baby steps
September 18, 2025 DOWNLOAD
economy-ss-9
Economic Updates
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September 5, 2025 DOWNLOAD
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Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
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Markets 2 MIN READ

Gold prices dip after record highs on profit taking, rate cut bets cool

May 23, 2024By Reuters
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Gold prices dipped over 1% on Wednesday as the gold rally cooled with investors booking profits, as traders pulled back from bets on Federal Reserve’s rate cuts this year.

Spot gold fell 1.8% to USD 2,377.43 per ounce by 1858 GMT. Prices had scaled a record high of USD 2,449.89 on Monday.

US gold futures settled 1.4% lower to USD 2,392.90. The US dollar index rose 0.3%, making bullion more expensive for other currency holders.

“You’re seeing some week-long liquidation, some profit taking by the shorter-term futures traders; all of which is not unusual in a market that hit a record high,” said Jim Wyckoff, senior analyst at Kitco Metals.

“Tomorrow’s gonna be an important trading day if the bulls need to bounce right back otherwise, there might be some near-term chart damage.”

Federal Reserve officials indicated that it would take longer than previously anticipated to gain greater confidence in inflation moving to 2%, according to the minutes of the US central bank’s April 30-May 1 session.

Bullion is also known as an inflation hedge, but the opportunity cost of holding this non-interest-bearing asset increases with higher interest rates.

Gold is also being held back by delayed rate cuts and unfulfilled recession fears along with selling by western investors, said Everett Millman, chief market analyst with Gainesville Coins.

Lately, economic data has pointed towards a downtrend in inflation, but US central bank policymakers said that the Fed should wait several more months to ensure that inflation really is back on track to its 2% target before cutting interest rates.

Spot silver fell over 3% to USD 30.84 per ounce, after hitting a more than 11-year high on Monday.

Platinum fell 0.9% to USD 1,036.80, and palladium dropped about 3% to USD 999.75.

(Reporting by Harshit Verma and Rahul Paswan in Bengaluru; Editing by Tasim Zahid and Shailesh Kuber)

 

This article originally appeared on reuters.com

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