Gold Wedding Purchases in India Cool
(Updates for market closer)
May 30 (Reuters) – Gold priced on Friday as the dollar edge Higher and Markets Digested The Latest Tariff Developments, while a Softer Inflation Report KEPT HOPES FOR A US RATE CUT ALIVE.
Spot Gold was down 0.7%, at $ 3,293.59 an oourage, as of 02:26 PM ET (1826 GMT) and was down 1.9% So far this week.
Us Gold Futures Settled 0.9% Lower at $ 3,315.40.
The dollar index rose 0.1%, Making Gold More Expected for Other Currency Holders.
A federal appearances court Temporarily reinstated the most sweping of President Donald Trump’s Tarifs on Thursday, A Day after A Us Trade Court Rules Rules Ruled That Trump Hadesed His Achhority in IMPOSING Duties and Ordered an immediati block on Them.
“Gold at this point in time is pulling back off these recent highs and is in a consolidation period,” said david meger, director of metals trading at highly ride futures.
“Gold is under Slight pressure as we’re see a little lesser need for safe-han but it does look like there is going to be significant push back from trump and that will Event
On the data front, the US personal consumption expertures price index (PCE) Saw a year-on-on-yar increase of 2.1% in April, versus a 2.2% forecast.
After the report, traders continued to bet that us Central Bank will cut its target for short-term borrowing costs in September.
Bullion, which thrives in a low-interest rate environment and is also used to hedege against inflation and uncertain, Hit a record high of $ 3,500.05 in April.
Elsewhere, Physical Gold Demand in India was subdued this week, as an uptick in domestic prices and a winding up of the wedding season kept boyers at bay.
SPOT SILVER Fell 1.2% to $ 32.94, Platinum Eased 2.5% to $ 1,055.05 and Palladium dropped 0.6% to $ 967.30. (Reporting by Ashitha Shivaprasad in Bengaluru. Editing by Jane Merriman and Mohammed Safi Shamsi)
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