Gold prices fell today, Thursday, after the Federal Reserve (the U.S. central bank) reduced its expectations for the number of interest rate cuts this year to just one in its latest monetary policy meeting, which is lower than previously anticipated, despite a slowdown in inflation in May. Spot gold dropped 0.4% to $2313.92 per ounce by 0340 GMT. U.S. gold futures also fell by 1.1% to $2329.50. Other precious metals saw declines as well, with spot silver down 1.9% to $29.12 per ounce, platinum decreasing 1.8% to $946.70, and palladium dropping 1.2% to $895.57.
Decline in Gold Prices
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