Gold flat as investors look to US inflation data for Fed clues
GOLD prices were listless on Tuesday (Sep 12) as investors awaited the release of US inflation figures that could provide an updated view on interest rates after a widely expected pause by the Federal Reserve next week.
Spot gold held its ground at US$1,921.04 per ounce by 0042 GMT, while US gold futures eased 0.1 per cent to US$1,944.50.
The US dollar index steadied after posting its biggest intraday loss in two weeks in the previous session ahead of the US Consumer Price Index (CPI) data due on Wednesday.
Americans’ overall views on inflation were little changed in August, even as they predicted rising price hikes for things such as rent, homes and food, while downgrading their views of their personal financial situations, the New York Fed reported on Monday.
China’s economic problems are more likely to affect the region than the United States, US Deputy Treasury Secretary Wally Adeyemo said on Monday, a day after President Joe Biden called China’s economic situation a “crisis”.
The eurozone economy will grow slower than previously expected this year and next, the European Commission forecast on Monday as consumer demand suffers from high inflation and the biggest economy, Germany, slips into recession this year.
Bank of England (BOE) policymaker Catherine Mann said on Monday that it was too soon for the BOE to stop raising interest rates.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.20 per cent to 884.89 tonnes on Monday from 886.64 tonnes on Friday.
Elsewhere, spot silver was flat at US$23.06 per ounce, platinum eased 0.2 per cent to US$896.69 and palladium dropped 0.2 per cent to US$1,215.70. REUTERS
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