Gold

Gold futures regained some stability on Tuesday, trading down just 0.23% after a sharp $60 decline in the previous session. The April 2024 contract touched an intraday low of $2,304.60 before recovering to $2,335.57 as of 5 PM EDT.

Gold investors and traders witnessed the largest single-day drop in gold futures in over three years on Monday. Gold futures plummeted by $65.60, or 2.73%, marking the steepest decline since February 2021.

Gold experienced a respectable price increase on Friday, fueled by a confluence of geopolitical tensions and economic uncertainties. As of 5:25 PM EDT, gold futures based on the most active June 2024 contract settled at $2,413.80, after factoring gains of $15.80, or 0.66%. Similarly, spot gold rose to $2,391.77, up $13.01, or 0.55%, reflecting the metal's allure in times of turmoil.

As of 5:30 PM EDT, gold futures for the most active April 2024 contract were fixed at $2,394.40, up $17.80 or 0.75%. Spot gold also rallied, currently trading at $2,378.76 after gaining $17.69 or 0.75% on the day. The precious metal managed to overcome headwinds from a stronger U.S. dollar, which gained 0.21% to push the dollar index to 105.99.

Gold futures declined today after Chairman Powell spoke about a change regarding interest rate cuts this year saying that the fight to tame inflation has appeared to have stalled. Because of that central bankers need more confidence that inflation was on track to decline to its 2% target.