Gold Clings to $2,350 as Fed Stance Wavers

Published on May 29, 2024 13:59

Gold prices edged below $2,350 per ounce as investors reduced bets on US Fed rate cuts. Minneapolis Fed President Neel Kashkari suggested delaying rate cuts until inflation significantly improves. Traders are focused on the upcoming PCE inflation report, expected to show stable prices. Geopolitical risks in the Middle East continue to support gold`s safe-haven appeal, with Israel denying recent strikes in Gaza. Mcx August bullion futures were seen trading slightly lower at Rs 72342 per 10 grams.