PRECIOUS METALS - Gold hits two-week low as traders expect smaller U.S. Fed rate cut
Istanbul, Sept. 5 (Hibya) - Gold prices slipped to their lowest level in nearly two weeks, extending declines to a fourth straight session as markets priced in smaller rate-cut bets for this month’s U.S. Federal Reserve policy meeting.
Spot gold dropped 0.02 percent to 2,493.33 dollars per ounce, and U.S. gold futures fell 0.06 percent to $2,524.40. According to the analysts, traders are confident that the U.S. Fed will cut rates this month and are pricing in a 59 percent chance of a 25-basis-point cut.
This week’s U.S. economic data, including Thursday's ADP employment and jobless claims reports and Friday's non-farm payrolls report, will be closely scanned for cues on the Fed’s rate-cut path.
Shares fell globally on Wednesday as tech stocks declined, hit by a record sell-off for U.S. chipmaker Nvidia and as expectations of fading global growth bruised riskier assets.
The non-yielding asset has gained over 20 percent so far this year, hitting an all-time high of 2,531.60 dollars on Aug. 20. Spot silver rose 0.3 percent to 28.12 dollars per ounce. Platinum gained 0.3 percent to 905.82 dollars and palladium dipped 0.4 percent to 934.25 dollars.
Albania News Agency
Facebook
Tweeter
Whatsapp
