Gold prices held steady on Tuesday as traders looked ahead to U.S. Federal Reserve Chair Jerome Powell’s upcoming speech for more clarity about the central bank’s rate-hike plans.<\/p>\n\n\n\n
Spot gold was little changed at $1,870.89 per ounce by 1251 GMT, trading in a narrow $10 range. U.S. gold futures were 0.1% lower at $1,876.50.<\/p>\n\n\n\n
The dollar gained 0.4%, weighing on gold’s appeal as a stronger greenback makes the metal costlier for buyers holding other currencies.<\/p>\n\n\n\n
The trend in gold remains positive since November and a break above $1,880 could help the metal face resistance at the important $1,915-$1,920 level, said Carlo Alberto De Casa, an external analyst at Kinesis Money.<\/p>\n\n\n\n
Powell is scheduled to speak at a central bank conference in Stockholm at 1400 GMT, ahead of key U.S. inflation data on Thursday.<\/p>\n\n\n\n
Gold prices on Monday hit their highest since early May, when the metal last traded above the key $1,900 mark. Gold has recovered more than $250 from September lows on expectation the Fed would slow the pace of its rate hikes.<\/p>\n\n\n\n
Money market bets pointed to a 77% chance of a 25-basis point rate hike to 4.50%-4.75% in the Fed’s upcoming policy meeting, with the terminal rate seen slightly below 5% by June.<\/p>\n\n\n\n
Elevated interest rates dull gold’s appeal as an inflation hedge while raising the opportunity cost of holding the non-yielding asset.<\/p>\n\n\n\n
The U.S. inflation data for December could lend further tailwind to gold prices since inflation has been seen slowing down since last summer, Commerzbank analysts said in a note.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices held steady on Tuesday as traders looked ahead to U.S. Federal Reserve Chair Jerome Powell’s upcoming speech for more clarity about the central bank’s rate-hike plans. Spot gold was little changed at $1,870.89 per ounce by 1251 GMT, trading in a narrow $10 range. U.S. gold futures were 0.1% lower at $1,876.50. The …<\/p>\n","protected":false},"author":9,"featured_media":77359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7603,7957],"class_list":["post-78187","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold-prices","tag-nfp-data"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/78187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=78187"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/78187\/revisions"}],"predecessor-version":[{"id":78188,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/78187\/revisions\/78188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77359"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=78187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=78187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=78187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}