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April 18, 2024
PI Global Investments

Gold slips as strong U.S. data dampens Fed rate cut bets

Three 1kg gold bullion bars worth over 155,00 GBP lay on the counter in a gold dealers in Birmingham’s jewelry quarter on December 13, 2023 in Birmingham, England. Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. 

Christopher Furlong | Getty Images

Gold prices inched lower on Wednesday as strong U.S. economic data doused hopes for early interest rate cuts by the Federal Reserve, while investors awaited a slew of economic reports this week.

Spot gold fell 0.3% to $2,023.69 per ounce by 0537 GMT. U.S. gold futures dipped 0.1% to $2,024.50.

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