By Priyanka Deshpande
CNBC-TV18.com
Published April 26, 2024
Gold prices are bracing for their largest weekly decline since December, according to news agency Reuters.
The yellow metal on Friday (April 26), inched 0.1% higher to $2,334.57 per ounce, while US gold futures rose 0.2% to $2,346.70.
For the week, gold prices have plummeted by 2.3%, marking their most substantial decline since early December.
The easing of tensions in the Middle East has played a significant role in this decline.
Concerns about escalating conflicts in the region had propelled gold prices to an all-time high of $2,431.29 on April 12. However, as fears subsided, gold prices retracted, shedding nearly $100 from their peak, according to Reuters.
In India, gold prices are up by 5% so far this month. This follows an 8% gain recorded in March.
The current stability in prices is influenced by various factors, including expectations surrounding interest rate cuts.
Recent US economic data releases have presented a mixed bag, with slowing growth juxtaposed against persistent inflationary pressures.
This has left analysts and investors grappling with uncertainty regarding the Federal Reserve's monetary policy stance.
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