Gold Prices Edge Lower as Dollar Strengthens
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Gold prices edged lower as the dollar strengthened, with spot gold down 0.1% at $2,176.29 per ounce and U.S. gold futures also edging 0.1% lower to $2,175.20. The dollar index strengthened 0.2% against its rivals, making gold more expensive for other currency holders. Gold prices have risen more than 5% this year and hit a record high last week. Traders are pricing in a 72% probability that the Fed will begin cutting rates in June. SPDR Gold Trust reported a 0.62% decrease in holdings to 830.15 tons. Spot silver was steady at $24.42 per ounce, platinum eased 0.1% to $902.15, and palladium fell 0.6% to $988.15.
Gold prices reached a record high of $2,222 per ounce before stabilizing around $2,203 per ounce. The US stock market indices rose to record highs after the Federal Reserve indicate...
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