(MENAFN) Gold prices experienced a decline in early trading on Monday, as optimism regarding the likelihood of an early interest rate cut in the United States waned. Market attention shifted towards the upcoming Federal Reserve monetary policy meeting and the release of non-farm payrolls data later in the week, both of which are poised to provide further insights into monetary policy trends.
Spot gold prices fell by 0.5 percent to USD2,327.09 per ounce, while US gold futures dropped by 0.4 percent to USD2,338.30 per ounce by 0334 GMT.
The anticipation surrounding the US Central Bank's Monetary Policy Committee meeting, scheduled for April 30 and May 1, intensified as investors eagerly awaited indications of the Fed's stance on interest rates. Speculation suggests that the Fed is likely to maintain interest rates within the range of 5.25 to 5.5 percent during this meeting, further dampening hopes of immediate rate cuts.
In addition to the monetary policy meeting, market participants are closely monitoring the release of US non-farm payrolls data scheduled for Friday. This data release is anticipated to provide further clarity on the state of the US economy and potential shifts in monetary policy.
While gold prices experienced a decline, other precious metals demonstrated mixed movements. Silver saw a slight increase in spot transactions, rising by 0.3 percent to USD27.24 per ounce. Similarly, platinum recorded a modest gain of 0.5 percent in spot transactions, reaching USD19.95 per ounce. Palladium, on the other hand, experienced a marginal increase of 0.1 percent, reaching USD954.94 per ounce.
The dynamics in the precious metals market underscore the significance of upcoming economic data releases and the Federal Reserve's monetary policy decisions in shaping investor sentiment and influencing price movements in the days ahead.
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