Gold prices muted as dollar rebounds on prospect of fewer rate cuts [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
While the yellow metal marked some gains for the week, it was nursing a sharp tumble from record highs in the face of high interest rates. Spot gold rose 0.1% to $2,305.23 an ounce, while gold futures expiring in August rose 0.1% to $2,320.15 an ounce by 00:56 ET (04:56 GMT). Gold pressured by outlook of high rates Gold and broader metal prices retreated in recent sessions after the Federal Reserve said it expected to cut interest rates only once in 2024, compared to earlier forecasts for three cuts. While the yellow metal marked some gains after softer-than-expected consumer price index data weighed on the dollar, traders eventually pivoted back into the dollar following the Fed's forecast. Softer-than-expected producer price index data did little to deter the dollar's rebound, while Treasury yields also recovered from lows hit earlier this week. Higher-for-longer rates bode poorly for gold and other metals, given that they increase the opportunity cost of investing in n
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