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Commodity News Details
Weekly Gold Review: COMEX Futures Off One Month Low
04-May-2024 15:22
Gold mostly stayed weak, finding it difficult to hold onto modest gains. Sustained drop in the US dollar index is not helping the metal much as the metal lingers around one month low. The metal closed around $2310 per ounce. Gold prices have come off nearly $150 per ounce after hitting a record high in mid-April. The metal is likely headed for a sideways movement as it has recovered from lows under $2300 per ounce after the US Federal Reserve decided to maintain the target range for the federal funds rate at 5.25 to 5.50 percent. Federal Reserve Chair Jerome Powell also said that it was unlikely that the central bank?s next move will be a rate hike, pulling down US dollar index.

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