Gold prices on Wednesday were set to experience their initial monthly decrease in four months as investors moderated their expectations of swift and profound rate cuts in the US. This adjustment comes in light of a resilient economy, and investors are also anticipating remarks from the Federal Reserve later in the day, according to Reuters.
At 0513 GMT, spot gold slightly decreased by 0.1% to $2,033.88 per ounce after reaching a two-week high of $2,048.12 in the previous session. The prices have fallen by 1.4% this month.
US gold futures witnessed a 0.1% increase, reaching $2,033.30, according to WAM.
In parallel, spot silver saw a 0.5% decline to $23.05 per ounce, platinum experienced a 0.2% slip to $918.79, and palladium rose 0.2% to $977.67. All three metals were on track for a monthly decrease.
