Stock Market News: Dow Set to Open Down
Metal prices were falling, with gold futures slumping 1.25% to $2,328.2 a troy ounce ahead of the Federal Reserve’s meeting on Wednesday.
The precious metal’s slump over the week beginning April 22 reflects receding geopolitical tensions, and gold remains under pressure ahead of the Fed meeting, as the market prices in just one interest-rate cut this year, said Wael Makarem, financial markets strategists lead at broker Exness.
While the Fed is expected to keep its interest rates unchanged at this week’s meeting, hawkish comments from Chair Jerome Powell could weigh on gold, Makarem said. High interest rates negatively affect the price of non-interest bearing gold.
Elsewhere, copper fell 0.6% to $10,105 a ton, and aluminum dropped 0.7% to $2,571 a ton.