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Gold topples after hitting fresh highs

Published on May 21, 2024 13:58

Gold prices dipped by almost $20 per ounce in electronic trading following recent record highs of $2454.20, as uncertainty over US policy decisions and fluctuating safe-haven demand sparked volatility. Despite the pullback, robust safe-haven demand persisted amidst concerns over potential geopolitical tensions following the passing of Iranian President Ebrahim Raisi. Attention now shifts to the Federal Open Market Committee (FOMC) meeting, where market participants await insights from the minutes and other Fed officials scheduled to speak. The Federal Reserve`s delicate task of curbing inflation while avoiding a recession remains a focal point, with interest rates maintained at 23-year highs, signaling cautious monetary policy adjustments.

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