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Markets 2 MIN READ

Gold slips as dollar gains, traders eye Fed meeting

July 30, 2024By Reuters
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After US IPO stumbles, companies under pressure to offer bargains October 19, 2023 Gold extends decline after US producer prices data June 14, 2024 Oil rises 1% ahead of inflation data after downbeat week May 28, 2024

Gold prices retreated on Monday, pressured by an uptick in the dollar as investors looked forward to a US Federal Reserve policy meeting this week for any indication on interest rate cuts.

Spot gold fell 0.3% to USD 2,378.25 per ounce by 1810 GMT. US gold futures for August delivery settled 0.1% lower at USD 2,377.8.

“The dollar is stronger and we got numbers out of China that gold consumption there fell so that’s a big negative,” said Marex analyst Edward Meir.

The US dollar rose about 0.2% to a more than two-week peak against its rivals, making gold more expensive for other currency holders.

Consumption of gold in China, the world’s biggest user, fell by 5.6% in the first half of 2024 as demand for gold jewelry tumbled. However, purchasing of gold bars and coins surged.

However, supporting the demand for gold as a hedge against geopolitical risks were worries of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights.

Markets are wagering that the Fed will lay the groundwork for a September rate cut at its policy meeting on Wednesday.

“If the Fed confirms a dovish stance, predictions could escalate to potentially three cuts before the end of the year,” Fawad Razaqzada, market analyst at Forex.com, said in a note.

Gold ETFs, storing bullion for investors, saw net inflows last week of 9.8 metric tons, according to the World Gold Council. Gold ETFs are heading for the third consecutive month of net inflows of 39 tons in July.

In India, another major gold consumer, jewellery and bar and coin demand could see a boost of 50 metric tons in the second half of 2024 from last week’s reduction of the state gold import tax to the lowest in 11 years, according to the World Gold Council.

Elsewhere, spot silver dropped 0.7% to USD 27.69 per ounce. Platinum rose about 1.7% to USD 951.75 and palladium climbed 0.2% to USD 902.15.

(Reporting by Rahul Paswan in Bengaluru; Editing by Maju Samuel and Andrea Ricci)

 

This article originally appeared on reuters.com

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