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Gold prices steady as dollar retreats; Fed rate path in focus
Gold prices steady as dollar retreats; Fed rate path in focus
Gold prices remain stable, with spot gold at $1,983.68 per ounce as of 0107 GMT, following a 1% loss on Friday. The dollar index was down, making gold more affordable for investors holding other currencies, though the appeal of the precious metal was limited after data revealed that US business activity rose higher than expected in April, supporting anticipation of a 25-basis-point interest rate increase by the Federal Reserve in May. The CME FedWatch tool showed that markets predict an 89.1% chance of the hike.
Gold prices remain stable, with spot gold at $1,983.68 per ounce as of 0107 GMT, following a 1% loss on Friday. The dollar index was down, making gold more affordable for investors holding other currencies, though the appeal of the precious metal was limited after data revealed that US business activity rose higher than expected in April, supporting anticipation of a 25-basis-point interest rate increase by the Federal Reserve in May. The CME FedWatch tool showed that markets predict an 89.1% chance of the hike.
Gold prices remain stable, with spot gold at $1,983.68 per ounce as of 0107 GMT, following a 1% loss on Friday. The dollar index was down, making gold more affordable for investors holding other currencies, though the appeal of the precious metal was limited after data revealed that US business activity rose higher than expected in April, supporting anticipation of a 25-basis-point interest rate increase by the Federal Reserve in May. The CME FedWatch tool showed that markets predict an 89.1% chance of the hike. 
