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Gold futures inched lower on Wednesday, as the U.S. dollar gained strength and investors remained cautious ahead of crucial economic data releases. The most active June 2024 contract for gold futures closed at $2,322.30 in New York, down $1.90. In the aftermath of the regular trading session, gold futures extended their decline, currently fixed at $2,316.10 as of 5:25 PM ET in Globex trading, marking an additional six-dollar drop.
According to Daniel Ghali, a commodity strategist at TD Securities,"The market is likely to wait for a catalyst for additional upside, whereas the downside does appear to be capped by the limited participation from money managers." This sentiment reflects the prevailing mood among investors, who are treading carefully in the absence of clear directional cues.
These divergent views from Fed officials underscore the challenges faced by the central bank in navigating the delicate balance between combating inflation and supporting economic growth.
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