{"id":172786,"date":"2023-03-21T19:36:58","date_gmt":"2023-03-21T19:36:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=172786"},"modified":"2023-03-21T19:36:58","modified_gmt":"2023-03-21T19:36:58","slug":"gold-futures-settle-at-6-week-low-as-global-equities-rise","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/gold-futures-settle-at-6-week-low-as-global-equities-rise\/","title":{"rendered":"Gold Futures Settle At 6-week Low As Global Equities Rise"},"content":{"rendered":"
Gold prices fell sharply on Tuesday, pushing the most active gold futures contract to a six-week closing low, as global stocks rallied amid easing concerns about the crisis in the banking sector.<\/p>\n
A somewhat subdued dollar helped limit the yellow metal’s downside. The dollar index moved in a tight range ahead of the Federal Reserve’s monetary policy announcement.<\/p>\n
The Fed began its two-day meeting today. The central bank is expected to raise interest rates by 25 basis points 4.75-5%.<\/p>\n
The Fed will also release its latest dot-plot projections on interest rates, inflation, unemployment and economic output.<\/p>\n
Meanwhile, concerns over the banking crisis ebbed as investors digested a forced takeover of Credit Suisse by UBS over the weekend.<\/p>\n
The dollar index, which dropped to 103.00 was flat at 103.28 a little while ago.<\/p>\n
Gold futures for April ended lower by $41.70 or about 2.1% at $1,941.10 an ounce.<\/p>\n
Silver futures for May ended down $0.221 at $22.425 an ounce, while Copper futures for May settled at $3.9940 per pound, up $0.0425 from the previous close.<\/p>\n
A report released by the National Association of Realtors on Tuesday showed existing home sales in the U.S. rebounded by much more than expected in the month of February.<\/p>\n
NAR said existing home sales spiked by 14.5% to an annual rate of 4.58 million in February after falling by 0.7 percent to a rate of 4.00 million in January. Economists had expected existing home sales to climb to an annual rate of 4.17 million.<\/p>\n
Existing home sales surged after falling for twelve straight months but were still down by 22.6% compared to the same month a year ago. <\/p>\n