Gold inches higher as dollar softens, focus shifts to US economic data
Markets are awaiting US GDP data due later in the day and Personal Consumption Expenditures data on Friday
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[BENGALURU] Gold prices nudged higher on Thursday (Jun 26), supported by a softer US dollar, as investors looked ahead to upcoming US economic data for hints on the Federal Reserve’s potential direction on interest rates.
Spot gold was up 0.1 per cent at US$3,334.80 per ounce, as at 0007 GMT.
US gold futures rose 0.2 per cent to US$3,348.70.
The US dollar was down 0.2 per cent against its rivals, making greenback-priced bullion less expensive for overseas buyers.
US President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week and credited US strikes on Iran with bringing a swift end to the war between Israel and Tehran.
Anxious Iranians and Israelis sought to resume normal life after 12 days of the most intense confrontation between the two longtime foes, following a ceasefire that took effect on Tuesday.
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Meanwhile, Federal Reserve chair Jerome Powell told a US Senate panel on Wednesday that while Trump’s tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts.
Markets are awaiting US GDP data due later in the day and Personal Consumption Expenditures data on Friday.
Investors are currently anticipating 64 basis points worth of Fed rate cuts by the end of this year.
Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment.
Spot silver was steady at US$36.33 per ounce, platinum firmed 0.9 per cent to US$1,366.28, while palladium was up 1.3 per cent at US$1,071.40. REUTERS
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