Gold set for worst month in more than 17 years as US rate-cut hopes fade
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Gold prices are set for their worst month in over 17 years due to fading hopes of a US interest rate cut. Despite a 1.5% increase on Tuesday, gold has fallen over 13% so far in March, weighed down by a stronger dollar and higher energy prices.
Gold prices rose on Tuesday, but are still on track for their worst month in over 17 years. The increase was due to hopes of de-escalation in the Middle East conflict. Spot gold was up 1.5% at $4,578.89 per ounce. US gold futures for April delivery gained 1.2% to $4,611.30. The dollar eased, making gold more affordable for holders of other currencies. Gold has fallen over 13% so far in March, due to a stronger dollar and fading expectations of a US interest rate cut. Fed Chair Jerome Powell said the central bank can wait to see how the Iran war affects the economy and inflation.
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