Gold prices decline over 1% ahead of Fed's meeting and inflation data

Economies.com
2023-06-07 18:56PM UTC

Gold prices fell on Wednesday even as the dollar stabilized against major rivals but the precious metal was under pressure from uncertainty as investors await inflation data and the Federal Reserve's meeting.

 

US Treasury Secretary Janet Yellen said that liquidity in the US banking sector remains good, and added the US economy remains strong as consumer spending strengthens. 

 

Yellen expects US authorities to carry on efforts to control and cut down inflation in 2024 and 2025. 

 

Allianz chieft economist Muhammad Al-Aryan said that while concerns about a US debt default have subsided, markets now are looking forward to the Fed's efforts to contain inflation.

 

Despite risks surrounding high interest rates in the last 15 months, the tech sector was particularly brilliant amid the AI industry boom.

 

Otherwise, earlier US data showed the goods trade deficit declining by 23.9% y/y, as exports rose 5.8%, and imports tumbled 2.3% in April.

 

The Dollar index settled at 104.1 as of 19:44 GMT, with a session-high at 104.3, and a low at 103.6. 

 

Gold spot prices fell 1.2% as of 19:45 GMT, or $23.2 to $1,958.3 an ounce. 

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