Gold prices fell on Thursday as calming concerns about the global banking system increased risk appetite and curbed some attempts to buy the safe-haven metal.<\/p>\n\n\n\n
By 0346 GMT, spot gold fell 0.2 percent to $1,960.52 an ounce, down for a second session. US gold futures fell 0.4 percent to $1,977.00.<\/p>\n\n\n\n
The dollar index rose 0.1%, making the precious metal more expensive for buyers holding other currencies.<\/p>\n\n\n\n
“In the short term, profit-taking and easing fears of further contagion among banks will lead to a continued decline in the price of gold towards $1920 an ounce,” said Michael Langford, director at AirGuide Consulting.<\/p>\n\n\n\n
Gold rose above $2,000 after the sudden collapse of two US banks this month, but it has given up gains since then as authorities intervened with rescue measures, such as UBS’ acquisition of troubled Credit Suisse and First Citizens Bankers’ purchase of collapsed Silicon Valley bank.<\/p>\n\n\n\n
Market participants are now awaiting Friday’s US PCE data, the Federal Reserve’s preferred inflation measure, for more clues on monetary policy.<\/p>\n\n\n\n
The opportunity cost of holding non-yielding gold rises when interest rates are raised to curb inflation.<\/p>\n\n\n\n
Among other precious metals, silver fell in spot trading 0.1% to $23.32 an ounce, platinum fell 0.2% to $965.51, while palladium rose 0.1% to $1440.61.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell on Thursday as calming concerns about the global banking system increased risk appetite and curbed some attempts to buy the safe-haven metal. By 0346 GMT, spot gold fell 0.2 percent to $1,960.52 an ounce, down for a second session. US gold futures fell 0.4 percent to $1,977.00. The dollar index rose 0.1%, …<\/p>\n","protected":false},"author":9,"featured_media":77716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[10247,6885,6874,7740],"class_list":["post-82164","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-banking-contagion","tag-fed","tag-gold","tag-rate-cut"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=82164"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82164\/revisions"}],"predecessor-version":[{"id":82165,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82164\/revisions\/82165"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77716"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=82164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=82164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=82164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}