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Gold Prices Declined Amid Low Trading Volumes

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Gold prices edged slightly lower in Asian trading on Tuesday, as copper prices saw sharp declines since Monday, with traders profit-taking from last week’s surge to its highest level in 11 months.

Gold retreated from record highs last week after cautious signals from major central banks led traders collectively rushing to the dollar, pushing the dollar index to its highest level in a month. While the dollar saw some profit-taking this week, it remained relatively strong. The spot price of gold stabilized, while futures contracts for gold expiring in April fell by 0.2%.

Gold oscillates in a narrow range in anticipation of the release of the Personal Consumption Expenditures (PCE) Price Index – the Federal Reserve’s preferred inflation gauge – scheduled for Friday. This reading is widely expected to take into account the Federal Reserve’s interest rate forecasts.

Gold is expected to face some resistance in the near term, especially if steady inflation figures suggest possible delays in the Federal Reserve’s plan to lower interest rates this year. The bank signaled last week that it plans to cut interest rates by 75 basis points in 2024, although this is still conditional on inflation.

Comments from top Federal Reserve officials – including Chairman Jerome Powell and Federal Open Market Committee member Mary Daly – are also expected later this week. Any indications of long-term interest rate hikes are likely to impact metal markets. Other precious metals declined on Tuesday, with platinum futures falling by 0.2% and silver futures dropping by 0.4%.

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