GOLD prices were little changed in early Asia hours on Monday (Nov 11), as market participants awaited comments from Federal Reserve officials and economic data to gauge the US interest rate path.
Spot gold was almost flat at US$2,683.78 per ounce, as at 0012 GMT. US gold futures eased 0.1 per cent to US$2,690.90.
A slew of Fed officials are scheduled to speak this week, including chair Jerome Powell. US consumer price index, producer price index, weekly jobless claims and retail sales are the major data sets due for release this week.
On Thursday, the Fed cut interest rates by a quarter of a percentage point as its policymakers began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office next year.
Traders see a 65 per cent chance of another 25-basis-point cut in December. Lower interest rates boost the appeal of zero-yield bullion.
Most Americans believe Trump will push the US government deeper into debt in his new term, though most Republicans do not share Democrats’ concerns over his fiscal stewardship, according to a new Reuters/Ipsos poll.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.42 per cent to 876.85 tonnes on Friday from 880.58 tonnes on Thursday.
Spot silver rose 0.1 per cent to US$31.32 per ounce, platinum gained 0.4 per cent to US$972.36 and palladium was up 0.6 per cent at US$994.37.
China’s consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, data showed on Saturday, even as Beijing doubled down on stimulus to support the sputtering economy. REUTERS
