Gold driven lower by dollar's strength
Economies.com
2024-05-07 19:25PM UTC
Gold prices fell on Tuesday as the dollar rose against most major rivals, amid ongoing uncertainty about Fed’s policies.
Recent US payrolls data showed a marked slowdown in the labor sector, which boosted the odds of multiple Fed interest rate cuts this year.
A batch of major tech companies, including Microsoft, Apple, Alphabet, and Meta, all reported strong profits and earnings in the first three months of 2024.
Otherwise, the dollar index rose 0.3% to 105.4 as of 19:58 GMT, with a session-high at 105.4, and a low at 105.03.
Gold spot prices fell 0.4% as of 19:59 GMT to $2322.30 an ounce.
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