WASHINGTON (dpa-AFX) - Gold prices slipped in the day's trade as a resurgent Dollar dampened sentiment for the yellow metal. The Dollar's rebound came amidst bets that the Fed would be behind other central banks in cutting rates.
Gold prices dithered as worries of a widening in the monetary policy stance between major central banks came to the fore following the Swiss National Bank's surprise rate cut and Bank of Japan's recent transition from negative interest rates. The Fed, despite hinting at three rate cuts in 2024 also appeared to wait for data that would provide it more confidence to formally commence a monetary easing.
The Dollar Index, a measure of the Dollar's strength against a basket of six currencies traded between 103.92 and 104.44, versus the previous close of 103.41. It is currently at 104.24, implying overnight addition of 0.80 percent.
Gold Futures for April settlement has slipped 0.32 percent to trade at $2,177.75, versus the previous close of $2,184.70. The day's trading range has been between $2,164.05 and $2,187.95.
Spot Gold slipped 0.33 percent to trade at $2,174.27 per troy ounce. The day's trading range has been between $2,162.65 and $2,186.14.
On Thursday, Gold Futures had touched a record high of $2,225.30 and Spot Gold had touched an all-time high of $2,218.65 in the aftermath of the firm rate cut hints by the Fed in the latest monetary policy review announced on Wednesday.
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