Gold Declines as Traders Consider Odds for Later Fed Rate Cuts (Bloomberg) — Gold declined as traders assessed the Federal Reserve’s indication that it will likely keep rates on hold for longer than originally planned. Most Read from Bloomberg Dubai Grinds to Standstill as Cloud Seeding Worsens Flooding Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs Tesla Asks Investors to Approve Musk’s $56 Billion Pay Again Elon Wants His Money Back Bankers Hit With Millions in Breakup Fees for Ditching New Jobs Bullion had remained steady early Wednesday before falling as much as 0.9% in the afternoon. The intraday turnaround isn’t uncommon for the precious metal as daily trading activity has become volatile with prices hitting a series of new peaks in recent weeks. The precious metal is up about 15% so far this year, with gains partly driven by haven demand as geopolitical tensions in the Middle East and Ukraine continue to escalate. Long-standing supports — including robust buying by central banks and increased demand from Chinese consumers — are also underpinning prices. Deutsche Bank raised its gold price forecast to an average of $2,400 an ounce for the fourth quarter of 2024 and to $2,600 for fourth quarter of 2025, citing a durable impact from recent investment inflow. Its strategist Michael Hsueh sees tension in the South China Sea as a potential flashpoint that could garner greater attention for gold. Spot gold fell 0.5% to $2,370 an ounce as of 1:02 p.m. in New York, still close to its all-time high of $2,431.52 reached on Friday. The Bloomberg Dollar Spot Index dropped 0.2%. Silver and palladium rose, while platinum fell. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Different Purities of Sovereign Gold Coins READ MORE G-20 Says World Economy Has Growing Chance of Soft Landing READ MORE BRICS: Scotiabank Says US Dollar To Fall in 2024 READ MORE Fed Chair Powell Stresses Patience on Rate Cuts Amid Inflation Battle READ MORE As Borrowing Costs Soar, Equity Becomes the New Frontier for Corporate Finance READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment