Gold prices steady but head for steep weekly losses as rate cut hopes wane
Investing.com-- Gold prices steadied in Asian trade on Friday, but were nursing steep declines through the week as concerns over high for longer U.S. interest rates dragged the yellow metal from record highs.and also weighed on broader metal prices. Among industrial metals, copper prices were also nursing a steep decline from record highs this week.
Safe haven demand for gold waned this week, which left the yellow metal vulnerable to headwinds from concerns over high for longer interest rates. While more rate hikes appeared unlikely, the hawkish speak saw traders sharply scale back expectations for any rate cuts in 2024. Traders were seen pricing in a nearly equal probability of a rate cut or hold in September, according to the
Cooling sentiment towards top copper importer China also weighed, as optimism over more stimulus measures was largely offset by a simmering trade war with the U.S. and tensions with Taiwan.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold price on May 22: Gold price risesGold prices rose in India on Wednesday, according to data from India's Multi Commodity Exchange (MCX).
Read more »
Gold Price Forecast: XAU/USD plummets amid Harmony Gold newsHarmony Gold, the largest gold mining company in SA interrupted blasting operations after a fatal accident.
Read more »
Equinox Gold buys out Orion for almost $1bn as it readies Greenstone for first goldNo 1 source of global mining news and opinion
Read more »
Gold House Celebrates AAPI Change Makers At The 3rd Annual Gold GalaGold House honored and celebrated AAPI change makers, leaders and creatives of the A100 List at its 3rd annual Gold Gala.
Read more »
Gold, Silver Weekly Forecast: Gold Bid on Dollar Drop, ‘Silver Squeeze’ ReturnsPrecious metals are looking positive after softer CPI data shifted the focus to Fed rate cuts and silver surged on what appears to be a return of ‘meme stock’ mania
Read more »
Gold prices set to continue bullish momentum amid rate cut expectationsChina's recent actions of selling U.S. Treasuries to buy gold significantly impact gold prices.
Read more »