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Gold Slips as Fed Signals Only 1 Rate Cut in 2024
Gold Slips as Fed Signals Only 1 Rate Cut in 2024

Gold Slips as Fed Signals Only 1 Rate Cut in 2024

Singapore, 13 Jun (ONA) —- Gold prices fell today after the US Federal Reserve in its most recent policy meeting scaled back to only one interest rate cut later this year (2024), fewer than previously projected, even as inflation cooled in May.

Spot gold was down 0.4% at $2,313.92 per ounce.

US gold futures fell 1.1% to $2,329.50.

The Fed held interest rates steady yesterday (Wednesday) and pushed out the start of rate cuts to perhaps as late as December with policymakers citing still elevated levels of inflation.

In other metals, spot silver fell 1.9% to $29.12 per ounce, platinum was down 1.8% at $946.70 and palladium lost 1.2% to $895.57.

—- Ends/Khalid

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