Gold set for worst month in more than 17 years as US rate-cut hopes fade

EconomicTimes2026/03/31 02:12

By:EconomicTimes

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Gold prices edged higher on Tuesday, helped by a softer dollar, but were poised for their worst month in more than 17 years as higher energy prices dimmed hopes for a U.S. interest rate cut this year.

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FUNDAMENTALS

* Spot gold rose 0.8% to $4,544.19 per ounce by 0114 GMT. U.S. gold futures ‌for April delivery ⁠gained ⁠0.3% to $4,573.20.

* The U.S. dollar eased, making greenback-denominated commodities more affordable for holders of other currencies.

* Gold has lost about 14% so far this month, heading for its steepest fall since October 2008, pressured by a stronger U.S. dollar. However, prices are up about 5% so far this quarter.

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* Traders have almost completely priced out any ⁠chance of ‌a U.S. Federal Reserve rate cut this year, as higher energy prices threaten to feed into broader inflation.

* Before the ⁠war in the Middle East began, there were expectations of two Fed rate cuts for this year.

* Benchmark oil prices extended gains towards their largest ever monthly increase as the Middle East conflict deepened, raising supply concerns.

* Fed Chair Jerome Powell said on Monday the U.S. central bank can wait to see how the Iran war affects the economy and inflation, noting ‌that policymakers typically look through shocks such as those from higher oil prices.

* U.S. President Donald Trump warned that the U.S. would obliterate Iran's energy ⁠plants and oil wells if Tehran does not open the Strait of Hormuz, after Tehran described U.S. peace proposals as "unrealistic" and fired waves of missiles at Israel.

* Spot silver rose 1.2% to $70.81 per ounce, spot platinum gained 0.1% to $1,901.95 and palladium was up 1.1% at $1,421.45.

DATA/EVENTS (GMT)

0600 UK GDP QQ, YY Q4

0600 UK Nationwide house price mm, yy Mar

0645 France CPI (EU Norm) Prelim MM, YY Mar

0645 France CPI Prelim MM, YY NSA Mar

0645 France Producer Prices YY Feb

0900 EU HCIP Flash YY Mar

0900 EU HCIP-X F,E,A,T Flash MM, YY Mar

1400 US Consumer Confidence Mar

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Gold set for worst month in more than 17 years as US rate-cut hopes fade

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