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Gold futures settle lower on strong dollar and bonds

30 May 2024 Evaluate

Gold futures settled lower on Wednesday, pressured by the strong dollar and rising bond yield notes amidst intensified bets over retaining elevated benchmark interest rates by Federal Reserve. Meanwhile, market awaited for the second estimate of GDP figures due later in the day, and the key US PCE inflation report on Friday along with the initial jobless claims for the week ending May25, to get clearer picture on Fed’s interest rate outlook.

Gold futures for August delivery down by $15.20 or 0.64% to $2364.10 per ounce on the Comex division of the New York Mercantile. While, spot gold declined by $ 3.06 points or 0.13% to $ 2,335.06 an ounce.