Gold prices flat ahead of US economic data
GOLD prices were flat in early Asian trade on Wednesday (Jul 24), with investors awaiting US economic data that could influence the Federal Reserve’s rate-cut timeline.
Spot gold was little changed at US$2,409.66 per ounce, as at 0032 GMT. US gold futures ticked 0.1 per cent higher to US$2,410.50.
The Fed will cut interest rates just twice this year, in September and December, as resilient US consumer demand warrants a cautious approach despite easing inflation, according to a growing majority of economists in a Reuters poll.
Bullion prices scaled an all-time high of US$2,483.60 last week amid rising bets of US rate cuts. Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Key data releases this week include the second-quarter gross domestic product reading due on Thursday and the June personal consumption expenditures price index on Friday.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.21 per cent to 841.74 tonnes on Tuesday from 840.01 tonnes on Monday.
India slashed import duties on gold and silver on Tuesday in a move industry officials said could lift retail demand and help cut smuggling in the world’s second-biggest bullion consumer.
Turkey’s central bank said on Tuesday it decided to start swap auctions selling foreign currency and gold against Turkish lira with local banks, according to a document sent to banks.
Spot silver steadied at US$29.21 per ounce, platinum fell 0.3 per cent to US$940.41 and palladium was flat at US$925.50. REUTERS
Share with us your feedback on BT's products and services
