Mumbai, 29 April (CommoditiesControl): Gold prices dipped on Monday as hopes for imminent interest rate cuts waned, with investors turning their attention to the Federal Reserve's policy meeting and U.S. non-farm payrolls data scheduled for later in the week, seeking clarity on monetary policy.
Spot gold slid 0.5% to $2,327.09 per ounce, while U.S. gold futures were down 0.13% at $2,334.78.
The Federal Reserve's policy meeting, running from April 30 to May 1, and the upcoming non-farm payrolls data due on Friday, are pivotal events for market watchers this week. The Fed is expected to maintain its benchmark interest rate steady at 5.25%-to-5.5% during this meeting.
Investors are currently pricing in a single rate cut this year, anticipated in November, according to CME's FedWatch tool. This stance follows recent U.S. inflation data and hawkish rhetoric from Fed officials, including Chair Jerome Powell. Higher rates diminish the appeal of holding non-yielding gold.
In other precious metals, spot silver edged up 0.3% to $27.24 per ounce, spot platinum rose 0.5% to $919.95, and palladium gained 0.1% to $954.94.
MCX gold marginally rose by 0.17% to 71387, with prices needing to sustain above 71500 for an initial target of 71760, followed by 72000. On the downside, support levels are at 71225-70950. Investors appeared to book profits after prices recently hit new all-time highs, with easing tensions in the Middle East and a strengthening dollar also influencing market sentiment. Investors may consider buying on dips.
(By Commoditiescontrol Bureau; +91-9820130172)
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