Gold prices edged down today, Jan. 22, as traders have pared bets for rapid interest rate cuts by the Federal Reserve, although the escalation in the Middle East conflict fueled safe-haven buying.
Bullion for February delivery shed 0.18% to $2,025.70 an ounce at 11:03 am Makkah time, with spot prices also down 0.41% to $2,021.14 per ounce.
Likewise, silver futures for March delivery tumbled by 1.92% to $22.28 an ounce, in tandem with a 0.69% drop in platinum spot prices to $897.03 per ounce.
Based on London Stock Exchange Group data, markets are now forecasting 132 basis points (bps) of interest rate cuts from the US central bank for this year, down from 150 bps two weeks ago.
Gold prices seem to be capped by lower expectations for Fed's rate cut in March. Still, geopolitical uncertainty in the Middle East, especially around the Red Sea route, has kept the yellow metal buoyed above $2,015, said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA, Reuters reported.
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