Gold Slides nearly 2% Amid Easing Middle East Tensions

Published on Apr 22, 2024 15:02

Gold futures slipped near 2%, falling below $2380 per ounce from last week`s highs, as geopolitical tensions in the Middle East eased. The focus now shifts to US GDP and core PCE data for insights into inflation, influencing Federal Reserve policy. The precious metal faced additional pressure from a strong US dollar, supported by positive economic indicators and Fed officials` hawkish comments, signaling prolonged interest rate hikes. However, long-term support for gold remains strong, bolstered by consistent central bank buying, particularly from China. In the domestic market, MCX June bullion futures slipped below Rs 72,000, trading around Rs 900 per 10 grams.