Gold Holds Tight Ahead Of US Data| MENAFN.COM

Friday, 27 January 2023 10:57 GMT

Gold Holds Tight Ahead Of US Data

(MENAFN- The Peninsula) QNA

London: Gold prices traded in a tight range yesterday as investors stayed away from taking big bets ahead of US economic growth data this week, while expectations of slower interest rate hikes from the Federal Reserve kept bullions outlook bright.

Spot gold was steady at $1,937.09 per ounce, after hitting its highest since late April 2022 on Tuesday. US gold futures were up 0.2 percent at $1,940.00.

Most investors are expecting the Fed to raise rates by 25 basis points (bps) at its policy meeting next week.

Among other precious metals, spot silver dipped 0.2 percent to $23.62 per ounce and platinum lost 0.2 percent at $1,054.40. Palladium rose 0.1 percent to $1,745.38.The dollar index slipped 0.1 perecent.

A weaker dollar tends to make greenback-priced gold more attractive for buyers holding other currencies.


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