Advertisements
Home Gold News Gold Prices Hold Near Record Highs Amidst Awaited U.S. Interest Rate Data

Gold Prices Hold Near Record Highs Amidst Awaited U.S. Interest Rate Data

by anna

In Asian trading, gold prices experienced a slight decline but remained within reach of recent record highs as investors awaited further signals regarding U.S. interest rates, particularly from upcoming producer price index (PPI) and retail sales data.

Copper prices also retreated slightly but remained close to 11-month highs, supported by reports of production cuts by Chinese smelters, indicating tighter market conditions for industrial metals. However, broader metal markets faced pressure from the resilience of the U.S. dollar ahead of the release of key economic data.

Advertisements

Spot gold edged down 0.2% to $2,171.06 per ounce, while gold futures for April delivery dipped 0.3% to $2,175.35 per ounce by 01:27 ET (05:27 GMT). Earlier in the week, gold prices surged to record highs around $2,200 per ounce before undergoing consolidation following hotter-than-expected consumer price index (CPI) data, which reignited concerns about potential interest rate hikes.

Advertisements

Market focus has now shifted to forthcoming reports on PPI inflation and retail sales, scheduled for release later in the day. These data points are expected to influence the Federal Reserve’s outlook on interest rates, with analysts closely monitoring them ahead of the Fed‘s meeting next week. It is widely anticipated that the central bank will maintain interest rates at current levels and signal no immediate plans for policy tightening.

Advertisements

Fed officials have emphasized that decisions regarding interest rate adjustments will be heavily influenced by inflation trends in the coming months.

Advertisements

In addition to gold, other precious metals also saw consolidation ahead of the anticipated data releases. Platinum futures declined 0.4% to $942.45 per ounce, while silver futures stabilized at $25.170 per ounce. Investors are keenly observing the incoming economic data for further insights into the trajectory of monetary policy and its potential impact on precious metal markets.

Advertisements

You may also like

Lriko logo

Lriko is a gold portal website, the main columns include gold pricespot goldsilver pricespot silvergold futures, nonfarm payroll, gold basics, gold industry news, etc.

© 2023 Copyright  lriko.com