Gold deepens losses, records biggest daily drop since Feb. 2023

22/04/2024 Argaam

Gold prices deepened their losses to a two-week low, as concerns over the geopolitical tensions in the Middle East subsided.

 

Gold futures for June delivery fell 2.8%, or $67.4, to $2,346.4 per ounce, the lowest level since April 5, when it ended at $2,345.4. This is also the worst one-day decline since February 3, 2023, when it fell 2.8%.

 

Investors are now waiting for the release on Friday of the US personal consumption expenditures (PCE) report for cues on the prospect of US interest rate cuts.

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