Gold stabilizes under pressure from the dollar and fading hopes of a US interest rate cut
Gold prices stabilized today, Tuesday, as investors remained cautious ahead of the deadline set by US President Donald Trump for Iran to reopen The Strait of Hormuz.
The price of silver rose 0.7% to $72.28 per ounce, the price of platinum decreased by 0.8% to $1,964.24, and palladium decreased by 0.1% to $1,483.38.
On the other hand, the US dollar index rose, and crude oil prices rose, making dollar-denominated gold more expensive for holders of other currencies.
In a separate context, investors are waiting Minutes of the Federal Reserve’s March monetary policy meeting scheduled to be released tomorrow, Wednesday, in addition to US inflation indicators, including personal consumer spending data and the Consumer Price Index later this week.
On the monetary policy front, markets are currently unanimously agreed that there is no chance of a cut in US interest rates this year.
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