Gold prices decline and silver stabilizes, with the exclusion of a US interest rate cut #Urgent

Gold prices fell slightly today, Wednesday, as uncertainty in the Middle East and higher-than-expected US inflation data led to diminishing hopes for lowering interest rates, with markets also focusing on the expected summit between US President Donald Trump and his Chinese counterpart Xi Jinping this week.The price of gold in spot transactions increased by 0.1% to $4,710.37 per ounce, by 06:13 GMT, falling further from its highest level in 2 weeks that it recorded in the previous session. US gold futures (June delivery) rose 0.7% to $4,717.50.

And Other precious metals: Silver settled at $86.53 per ounce, after hitting its highest level since March 11 earlier in the session. Platinum fell by 0.3% to $2,120.29, while palladium rose by 0.1% to $1,492.75.

Financial markets analyst Kyle Rodda said: "Data Inflationcoming out of the United States has significantly dampened, if not completely eliminated, hopes for a rate cut, and markets now expect the next step to be a rate hike as soon as the end of the year. This in turn puts pressure on gold prices downward".

Data showed that consumer inflation in the United States rose further in April, with the annual rate recording its largest increase in 3 years, dampening hopes that the Federal Reserve will cut interest rates this year.

Traders have largely ruled out the Fed cutting interest rates this year, with markets now seeing a 30% chance of raising them by December, according to the tool "Feed Watch".

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