Times of Navi Mumbai | Business News
Gold prices fell by 0.7% on Thursday as investors waited for new US inflation data. They were also watching the US Federal Reserve’s decision to keep interest rates unchanged.
International gold prices dropped to $4,037.98 per ounce. Gold futures for December delivery stood at $4,049.80 per ounce.
Why Are Gold Prices Falling?
The US Federal Reserve kept interest rates between 3.75% and 4%. Investors are now waiting for more information about inflation to understand what may happen next.
When interest rates are high, some investors may prefer other investments instead of gold, as gold does not pay interest.
Experts also pointed to uncertainty in the Middle East as another reason affecting gold prices.
Investors Wait for US Inflation Data
The US is set to release its Personal Consumption Expenditures (PCE) report. This report helps show how prices are changing and is closely watched by the Federal Reserve.
The US central bank aims to keep inflation at 2%. The new data may help investors understand whether interest rates could change in the coming months.
Silver and Other Metals Also Fall
Other precious metals also saw a drop in prices.
- Silver: Fell 1.5% to $53.15 per ounce.
- Platinum: Fell 1.5% to $1,515.70 per ounce.
- Palladium: Fell 0.6% to $1,004.25 per ounce.
Gold and other metal prices may continue to change as investors watch inflation, interest rates, and global events.
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