gold prices Shares rose to a nine-month high on Thursday before trading steady as investors hunkered down for US economic data that could influence the way the Federal Reserve will tighten policy.
spot gold It was flat at $1,944.96 an ounce as of 0244 GMT, after hitting its highest level since April 2022. us gold futures were up 0.2% at $1,945.60.
The dollar index held steady but was near an eight-month low.
Market attention turns to fourth-quarter US GDP data due at 1330 GMT, which could set the tone for the Fed’s upcoming policy meeting.
“The US GDP data is likely to confirm a slowing US economy,” said Michael Langford, Director of Corporate. Must see another change.” Consulting firm AirGuide.
“The key question for investors will be how strong the dollar will be and what effect this will have on gold prices in the near term.”
Most investors are expecting the Fed to hike rates by 25 basis points (bps) on Jan 31-Feb. 1 policy meeting. The US central bank slowed its tightening pace to 50 bps last month after four consecutive 75-bps hikes.
“Until we get to the Fed event, gold could trade between $1,935 and $1,960,” Edward Moya, senior analyst at OANDA, wrote in a note Wednesday.
Bullion is a non-yielding asset and stands to benefit amid lower rates, as returns on other assets such as government bonds have plummeted.
Investors will also scan US weekly initial jobless claims data later and US personal consumption expenditure (PCE) data on Friday.
Spot silver fell 0.2% to $23.85 an ounce, platinum fell 0.4% to $1,035.16 and palladium fell 0.2% to $1,695.29.
spot gold It was flat at $1,944.96 an ounce as of 0244 GMT, after hitting its highest level since April 2022. us gold futures were up 0.2% at $1,945.60.
The dollar index held steady but was near an eight-month low.
Market attention turns to fourth-quarter US GDP data due at 1330 GMT, which could set the tone for the Fed’s upcoming policy meeting.
“The US GDP data is likely to confirm a slowing US economy,” said Michael Langford, Director of Corporate. Must see another change.” Consulting firm AirGuide.
“The key question for investors will be how strong the dollar will be and what effect this will have on gold prices in the near term.”
Most investors are expecting the Fed to hike rates by 25 basis points (bps) on Jan 31-Feb. 1 policy meeting. The US central bank slowed its tightening pace to 50 bps last month after four consecutive 75-bps hikes.
“Until we get to the Fed event, gold could trade between $1,935 and $1,960,” Edward Moya, senior analyst at OANDA, wrote in a note Wednesday.
Bullion is a non-yielding asset and stands to benefit amid lower rates, as returns on other assets such as government bonds have plummeted.
Investors will also scan US weekly initial jobless claims data later and US personal consumption expenditure (PCE) data on Friday.
Spot silver fell 0.2% to $23.85 an ounce, platinum fell 0.4% to $1,035.16 and palladium fell 0.2% to $1,695.29.