Gold prices remained relatively unchanged during Asian trading on Thursday, as a stronger US dollar continued to apply pressure on the precious metal. Traders are now focused on upcoming US inflation data, which could provide further guidance on the Federal Reserve’s interest rate plans.
Among industrial metals, copper prices saw gains, recovering from recent declines after China, the world’s largest importer, announced plans for fiscal stimulus to boost its economy. However, the strength of the US dollar, driven by expectations of slower interest rate cuts by the Federal Reserve, kept metal prices under pressure. This stronger dollar has also dragged gold prices down from their recent highs over the past week.
Gold Prices Edge Up Slightly
Spot gold rose 0.2% to $2,613.15 per ounce, while gold futures for December delivery also increased by 0.2%, reaching $2,630.20 per ounce by 00:16 ET (04:16 GMT).
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