Gold slips lower; central bank buying set to boost demand [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
At 07:30 ET (11:30 GMT), Spot gold dropped 0.1% to $2,328.84 an ounce, while gold futures fell 0.2% to $2,343.20 an ounce. Gold set for central bank boost Gold and broader metal prices have 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. This has boosted the dollar, which makes gold, and other commodities denominated in the greenback, more expensive for foreign buyers, as well as increasing the opportunity cost of investing in non-yielding assets. Gold hit a high of almost $2,450 in May an ounce, helped by strong demand from central banks, due to concerns about geopolitical instability and persistent inflation. Last year, central banks added the second-highest amount of gold ever at 1,037 tons. In 2022, a record 1,082 tons of gold was purchased by central banks. More buying is likely in the near future, as the World Gold Council's annual survey, which polled 70 c
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