📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Gold prices inch higher as dollar slips ahead of Fed speak, inflation data

Published 03/25/2024, 01:29 AM
Updated 03/25/2024, 05:15 PM
© Reuters.

Investing.com-- Gold prices rose Monday, attempting to steady following a recent wobble as dollar strength eased and gold exchange-traded-funds recorded a first inflow ahead of a slew of remarks from Federal Reserve members and key inflation report later this week.  

Spot gold rose 0.2% to $2,169.77 an ounce, while gold futures expiring in April rose 0.6% to $2,172.35 an ounce. 

Gold prices steady as dollar strength fades amid Fed speak

Physical gold ETFs recorded the first weekly inflow of the year, totaling a significant 483,000 ounces, RBC said in a recent report. The signs of ETF investor appetite follows comes just days after the Federal Reserve kept its outlook for three rate cuts this year.

Still, the  dollar index reversed gains to fall 0.3% on Monday even as some Fed members signaled that they aren't so sure that three rate cuts are needed this year.  

Atlanta Federal Reserve Bank President Raphael Bostic reiterated Monday that he sees the need for just one rate this week, adding that the strong economy allows the central bank to continues with its cautious approach. 

The slew of Fed speaks this week, which will includes remarks from Fed governor Christopher Waller and chairman Jerome Powell, will be rounded off by the release of PCE price index data- the Fed’s preferred inflation gauge due Friday. 

Other precious metals were a mixed bag on Monday following steep declines in the prior session. Platinum futures rose 1% to $916.50 an ounce, while silver futures were flat at $24.84 an ounce.

Copper prices inch higher 

Among industrial metals, copper prices climbed Monday after steep losses in the prior session. 

Three-month copper futures on the London Metal Exchange rose 0.2% to $8,869 a ton, while one-month U.S. copper futures rose 0.1% to $4.01 a pound.

Copper’s recent rally was driven chiefly by expectations of tighter supplies as major Chinese refiners signaled plans to cut production.

(Ambar Warrick contributed to this report.)

Latest comments

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. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.