Precious Metals

The spot gold price dropped slightly on Wednesday to hit $1,189.41 an ounce in response to a weaker US dollar and expectations that the Federal Reserve will not be raising interest rates at its June meeting.

The spot gold price dropped slightly on Wednesday to hit $1,189.41 an ounce in response to a weaker US dollar and expectations that the Federal Reserve will not be raising interest rates at its June meeting, according to Reuters. Meanwhile, gold futures for June delivery fell by $4.10 to hit $1,189.20 an ounce.

“One might be puzzled why the gold price is not reaching to a weaker dollar but you have to look at U.S. real yields, which correlate the most to the gold price, and these have risen,” the news outlet quotes Matthew Turner, a Macquarie analyst, as saying.

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