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
