Gold rebounds from lows under $2300 per ounce

Published on May 02, 2024 16:12

COMEX Gold futures are holding onto their moderate gains on hopes of softer US interest rates in coming months. The metal jumped from a near one month low under $2300 per ounce in last session. US dollar index fell in a volatile session yesterday as highs above 106 mark failed to sustain after the US Federal Reserve decided to maintain the target range for the federal funds rate at 5.25 to 5.50 percent. Federal Reserve Chair Jerome Powell said it was unlikely that the central bank�s next move will be a rate hike, pulling down US dollar index in intraday moves. The index currently hovers around 105.52, down 0.10% on the day. COMEX Gold futures are quoting at $2319 per ounce, up 0.38% on the day.