GOLD prices were little changed on Thursday (Jul 25) as investors waited for US economic data to gauge the timing of the central bank’s interest rate cuts.
Spot gold was unchanged at US$2,398.17 per ounce, as at 0032 GMT. US gold futures ticked 0.8 per cent lower to US$2,397.40.
Markets are awaiting the US gross domestic product reading due at 1230 GMT and personal consumption expenditure data – the Fed’s favoured measure of inflation – on Friday.
Traders are expecting that the US Federal Reserve will deliver a long-awaited interest rate cut in September. Non-yielding bullion’s appeal tends to shine in a low-interest-rate environment.
Data on Wednesday showed that the US trade deficit in goods narrowed in June for the first time this year amid a broad rebound in exports, but that probably was insufficient to prevent trade from remaining a drag on economic growth in the second quarter.
Newmont beat Wall Street estimates for second-quarter profit, as the world’s biggest gold miner benefited from robust production and higher prices.
Gold prices are poised for a fresh run to record highs in the coming months while platinum and palladium will stay below US$1,000 per ounce in 2024, a Reuters poll showed.
Spot silver fell 0.5 per cent to US$28.84 per ounce, platinum steadied at US$948.00 and palladium eased 0.3 per cent to US$930.25. REUTERS
