Gold price remains low. Check latest gold rate prediction by experts
Gold steadied on Wednesday after falling in the previous session. Spot gold was little changed at $3,325.56 per ounce. US gold futures were up 0.2 per cent at $3,339.30. On Tuesday, prices hit their lowest in over two weeks. Global central banks are eyeing a move away from the dollar into gold, the euro and China's yuan for their reserves amid geopolitical upheaval, a report showed.
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De-escalation of tension in the Middle East, and less need for safe-haven assets, was a reason for gold giving up earlier gains yesterday. Still, uncertainty about the future of Iran's nuclear program is likely to keep investors still preferring to hold some gold allocation, said Giovanni Staunovo, an analyst at UBS.
The dollar index struggled to regain lost ground as investors decided to take on more risk following the truce. A weaker dollar makes greenback-priced bullion more attractive for holders of other currencies.
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The ceasefire brokered by US President Donald Trump between Iran and Israel appeared to be holding on Wednesday, the day after both countries signalled that their air war had ended. The market's focus is now on first-quarter US GDP data due on Thursday, which will offer insights into the pace of economic growth. On Friday, attention turns to the closely watched Personal Consumption Expenditures (PCE) report, the Federal Reserve's preferred inflation gauge.
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If the PCE data comes in on the lower side, the pressure on the Fed to cut rates will increase and help gold, Staunovo said.
Fed Chair Jerome Powell told members of Congress on Tuesday that higher tariffs could begin raising inflation this summer. Meanwhile, data showed U.S. consumer confidence unexpectedly deteriorated in June.
Gold is seen as a safe haven during turmoil and tends to perform well in low interest rate environments.
Spot silver dipped 0.6 per cent to $35.70, platinum lost 1.7 per cent to $1,294.06, while palladium fell 2 per cent to $1,044.92.
FAQs
Q1. What are current price of Silver?
A1. Spot silver dipped 0.6 per cent to $35.70, platinum lost 1.7 per cent to $1,294.06, while palladium fell 2 per cent to $1,044.92.
Q2. Why is gold important?
A2. Gold is seen as a safe haven during turmoil and tends to perform well in low interest rate environments.
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