Gold prices fall as rate jitters mount ahead of Fed meeting
Investing.com-- Gold prices fell in Asian trade on Tuesday, remaining pinned well below recent peaks as fears of higher-for-longer U.S. interest rates grew before a Federal Reserve meeting this week.
But despite recent declines, gold prices were still trading up over 4% for April, extending stellar gains seen in March.later this week, where the central bank is widely expected to keep rates steady. But Fed Chair Jerome Powell is expected to offer a more hawkish outlook on rates, especially following a series of hot inflation readings.
Higher-for-longer rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal. Strength in theAmong industrial metals, copper prices hovered around two-year peaks on Tuesday as momentum in a recent rally was sapped by mixed purchasing managers index readings from top importer China.painted a better picture of the manufacturing sector, Tuesday’s data still outlined sustained weakness in the Chinese economy, despite a strong first quarter.
Still, copper prices were sitting on a stellar melt-up through March and April, as the prospect of tighter supplies- amid more sanctions on Russia and production cuts by Chinese refiners- spurred increased buying in the red metal.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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