Gold prices shed over 1% albeit headed for monthly gains

Gold prices maintained a downtrend today, April 30, as investors awaited the Federal Reserve’s policy meeting tomorrow amid expectations of interest rates to be kept steady within the 5.25%-5.50% range, although uncertainty about US monetary prospects loomed.

Bullion for June delivery plummeted by 1.09% to $2,332.10 an ounce at 09:42 am Makkah time. Additionally, spot prices shed 0.56% to $2,322.50 per ounce.

Likewise, silver futures for July delivery plunged by 2.22% to $27.04 an ounce, with platinum spot prices also down 0.43% to $947.86 per ounce.

The yellow metal’s prices soared 5% over the course of April, despite the recent losses it suffered against the backdrop of fading prospects of military escalation between Iran and Israel.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.30% to 105.90 points.