Price movements
Gold fell in instant transactions by 0.3 percent, reaching 2,291.65 per ounce by 09:43 GMT, in a calm phase, after reaching its highest level ever earlier in the session, recording $ 2,304.09.
US gold futures fell 0.2 percent to 2311.20.
Carlo Alberto de Casa, a market analyst at Kinesis Money, said: “There is great demand from Asia, especially from China, and strong demand from central banks. We have geopolitical risks and expectations about central banks lowering interest rates. All of these factors raise gold prices further.”
Yesterday, Wednesday, US Federal Reserve officials, including Bank Chairman Jerome Powell, continued to focus on the need for more discussions and data before lowering interest rates, a step that financial markets expect to occur in June.
Lowering interest rates reduces the opportunity cost of holding bullion.
Demand for gold increased due to strong purchases from central banks and large flows to buy the yellow metal as a safe haven amid escalating geopolitical tension. Gold has risen by more than 25 percent since October.
As for other precious metals, silver fell in spot transactions by 0.6 percent to $27.04 per ounce after reaching its highest level since June 2021.
Platinum rose 0.3 percent to $935.60, while palladium fell 0.9 percent to $1,004.36.
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