Gold prices have recorded a decline in the global market, while hopes for a reduction future prices also predicted in global bullion market.
According to the market report, spot gold fell 0.3% to around $4,702 per ounce, while US gold futures saw a slight increase. Experts say that due to strong inflation data, the chances of the US Federal Reserve cutting interest rates have almost disappeared, which has increased pressure on gold prices.
According to economic analyst Kyle Roda, the market is now also taking into account the possibility of an interest rate increase by the end of the year, due to which investors are adopting a cautious attitude.
According to data, US consumer inflation increased significantly in April compared to the last three years, after which investors’ eyes have shifted to future economic indicators.
On the other hand, the expected meeting between US President Donald Trump and Chinese President Xi Jinping has also remained the centre of attention of the global market, while the tense situation in the Middle East has also made investors cautious.
Meanwhile, the price of silver in the global market recorded a slight increase, while the prices of platinum and palladium decreased or stabilized.
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