Singapore, Oct. 16 (BNA): Gold prices remained steady in a tight trading range on Wednesday, with market participants closely watching upcoming U.S. economic data to assess the likelihood of future interest rate cuts by the Federal Reserve.
Spot gold edged up by 0.2%, reaching $2,667.01 per ounce as of 0511 GMT, just $18 short of its record high set last month. Meanwhile, U.S. gold futures also gained 0.2%, climbing to $2,683.50 per ounce.
According to a report from Reuters, spot gold appears ready to test its September 26 high of $2,685, having surpassed a key resistance level at $2,666.
In other metals, spot silver saw a 0.5% increase to $31.63 per ounce. Platinum rose 1.2% to $996.20, while palladium gained 0.4%, trading at $1,013.01 per ounce.
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