Gold off one-year highs as investors weigh rate hike prospects

Gold off one-year highs as investors weigh rate hike prospects
# 17 April 2023 09:35 (UTC +04:00)

Gold prices inched higher on Monday but were off one-year highs reached late last week as mixed economic data prompted investors to reassess the U.S. Federal Reserve's rate hike trajectory and boosted the dollar.

Spot gold was up 0.1% at $2,004.74 per ounce, as of 0353 GMT. U.S. gold futures rose 0.1% to $2,017.50.

Gold dropped 2% on Friday after data showed U.S. core retail sales slipped 0.3% last month, but gains in January and February put consumer spending on track to accelerate in the first quarter.

Spot silver fell 0.2% to $25.29 per ounce, platinum dipped 0.7% to $1,037.30 and palladium shed 0.7% to $1,493.37.

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