Gold $2,684.39 0.89
Silver $31.30 2.29
Platinum $974.67 2.94
Palladium $991.41 3.72
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Gold Sees Largest Drop in Over a Month as Rate Cut Expectations Fall

Posted on October 9, 2024
Writer: James Miller

Gold prices fell by more than 1% on Tuesday, marking their largest drop in over a month. This decline came after recent U.S. employment data lowered expectations for a large interest rate cut from the Federal Reserve.

Spot gold dropped 1.1% to $2,614.49 per ounce, marking its fifth consecutive session of losses and moving further from the record high of $2,685.42 reached on September 26.

The reduced rate cut expectations stem from a strong U.S. jobs report, with markets now expecting a 25-basis-point cut in November instead of the previously anticipated 50-basis-point cut. 

Gold futures also fell 1.1%, settling at $2,635.4. 

Markets are now focused on the Federal Reserve’s policy meeting minutes along with the U.S. inflation data set for later in the week. 

In September, gold-backed exchange-traded funds (ETFs) registered their fifth consecutive month of inflows, according to the World Gold Council. 

Meanwhile, other metals also saw declines, with silver dropping 4.3% to $30.36 per ounce, platinum falling 1.9%, and palladium declining 1.1%.


James Miller

James Miller is a Senior Content Writer at McGruff.com. He has a background in investing and has spent most of his career in the financial industry. He can trace his family tree back to the California Gold Rush when his ancestors risked it all to make it big in the west. He feels like he's following in their footsteps as he strives to make sense of today's gold market.

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