Yellow metal falls after Fed dashes hopes of rate cut in March
Thu, Feb 1, 2024 10:22 AM

Yellow metal falls after Fed dashes hopes of rate cut in March

A Flip by Shubhangi Gupta
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Gold prices dropped on Thursday after the US Fed announced that it would not be cutting interest rates in March, reaffirming its goal of 2% inflation. This news strengthened the US dollar and lowered demand for the precious metal. Gold futures on MCX and Comex both saw a decline, while the dollar index rose. Despite the reduced chances of an imminent rate cut, gold is still set for a weekly gain.

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