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.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1855.76 | +9.98 | |
Silver | 22.02 | +0.23 | |
Copper | 4.33 | +0.06 | |
Palladium | 2026.00 | +59.00 | |
Platinum | 975.00 | +16.00 | |
Oil | 110.93 | +0.65 | |
Heating Oil | 3.63 | +0.01 | |
Natural Gas | 7.89 | -0.19 |
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