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| Commodity News |
| HeadLine : |
Gold edges down as Middle East worries ebb |
| Date : |
Apr 24 2024 |
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Gold prices edged lower on Wednesday, as fears of an escalation in the Middle East conflict eased, while investors waited for crucial U.S. economic data that could shed more light on the timing of interest rate cuts.Fears of a wider regional conflict in the Middle East eased after Iran said it had no plan to retaliate following an apparent Israeli drone attack.Recent remarks from U.S. Federal Reserve officials hinted at no urgency to cut rates. Traders now expect the first Fed rate cut to come most likely in September.U.S. business activity cooled in April, while rates of inflation eased slightly even as input prices rose sharply, suggesting some possible relief ahead as the Fed looks for signs that the economy is ebbing enough to bring inflation down further.Markets are awaiting the March personal consumption expenditure (PCE) data - the Fed's preferred inflation gauge - later this week to further ascertain the trajectory of monetary policy.
Source: Reuters
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