‎Gold prices hover below $2,000

‎Gold prices hover below $2,000

Gold prices witnessed a modest drop today, April 4, trading below $2,000 an ounce, as investors assessed the monetary policy path the Federal Reserve will take after the uptick in oil prices on the heels of the recent OPEC+ output cut.

Markets are now pricing in a 60.1% chance that the Fed will lift key rates by a quarter basis point (bp) in May, with the possibility of a rate cut emerging later this year.

In terms of trading, gold for June delivery fell slightly by 0.12%, or $2.50, to $1,997.90 an ounce at 11:45 am Makkah time, with spot prices also down 0.14% to $1,982.99 per ounce.

Silver futures for May delivery, on the other hand, advanced 0.50% to $24.14 an ounce, while platinum spot delivery tumbled 0.24% to $994.58 per ounce.

Elsewhere, the US dollar index, which gauges the greenback's strength against a basket of six currencies, shed 0.21% to 101.87 points.