.– Gold prices fell in Asian trade on Tuesday, remaining pinned well below recent peaks as fears of higher-for-longer U.S. interest rates grew before a Federal Reserve meeting this week.Waning safe haven demand also weighed, especially as recent reports showed renewed ceasefire talks between Israel and Hamas. This left gold even more vulnerable to rate-driven risks. fell 0.4% to $2,326.45 an ounce, while expiring in June fell 0.9% to $2,337.30 an ounce by 00:44 ET (04:44 GMT). Spot prices were trading more than $100 below a record high hit earlier in April.But despite recent declines, gold prices were still trading up over 4% for April, extending stellar gains seen in March. Fed jitters pressure gold as rate cut hopes wane Focus was now squarely on a later this week, where the central bank is widely expected to keep rates steady. But Fed Chair Jerome Powell is expected to offer a more hawkish outlook on rates, especially following a series of hot inflation readings.Signs of sticky inflation saw traders largely price out expectations of near-term interest rate cuts by the Fed. The central bank is now only expected to cut rates in September, or the fourth quarter, if at all this year. Higher-for-longer rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal. Strength in the , on the prospect of steady rates, also pressured broader metal markets.Other precious metals also retreated on Tuesday. fell 0.1% to $959.05 an ounce, while slid 1.8% to $27.168 an ounce. 3rd party Ad. Not an offer or recommendation . See disclosure here or
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.Copper prices stall on middling China PMIs, but set for stellar AprilAmong industrial metals, copper prices hovered around two-year peaks on Tuesday as momentum in a recent rally was sapped by mixed purchasing managers index readings from top importer China. on the London Metal Exchange steadied around $10,185.0 a ton, while fell 0.1% to $4.6738 a pound.Official PMI data from China showed slowed a hair less than expected in April from March. But slowed much more than expected. While a painted a better picture of the manufacturing sector, Tuesday’s data still outlined sustained weakness in the Chinese economy, despite a strong first quarter. This raised some questions over strong copper demand in the world’s biggest importer of the red metal.Still, copper prices were sitting on a stellar melt-up through March and April, as the prospect of tighter supplies- amid more sanctions on Russia and production cuts by Chinese refiners- spurred increased buying in the red metal.Copper futures were up between 14% and 16% in April.