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Investors are awaiting the US Consumer Price Index (CPI) for September. | Photo: Shutterstock
Gold prices recovered slightly on Thursday, snapping a six-game losing streak, as traders remain focused on a key U.S. inflation number for insight into a possible rate cut by the Federal Reserve this year.
Spot gold was up 0.3% at $2,615.19 an ounce by 0833 GMT. US gold futures edged up 0.2 percent to $2,632.30.
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“Expectations of further rate cuts provide a slight boost to gold, despite much firmer Treasury and U.S. dollar yields,” said independent analyst Ross Norman.
The U.S. dollar strengthened to a 10-week high against the yen and Treasury yields climbed as investors continued to anticipate a less aggressive round of monetary easing from the Fed. [USD/] [US/]
Investors are awaiting the US Consumer Price Index (CPI) for September, due at 12:30 GMT, which is expected to show core inflation holding steady at 3.2% year-on-year, according to economists polled by Reuters .
Their attention will focus on the US producer price index data on Friday.
“By the end of the day, when the (CPI) data is released, we expect gold prices to potentially exceed the $2,640 level,” said Brian Lan, managing director of the broker GoldSilver Central based in Singapore.
San Francisco Fed President Mary Daly on Wednesday expressed strong support for last month’s half-percentage-point rate cut, indicating that one or two additional cuts could be likely this year if the The economy is developing as expected.
“We also continue to see significant gold buying by central banks and believe uncertainty surrounding the fast-approaching US elections should support bullion,” USB said in a note, adding that it expects that gold would reach $2,850 per ounce by mid-2025. .
Spot silver was steady at $30.51 an ounce, platinum added 1.2 percent to $956.50 and palladium added 0.4 percent to $1,043.74.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 10, 2024 | 3:33 p.m. STI