(MENAFN- Baystreet) Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues.
Spot gold was flat at $2,194.36 U.S. per ounce, as U.S. gold futures edged 0.2% higher to $2,193.90.
Gold hit a record high last week after the Fed anticipated three rate cuts in 2024 despite recent high inflation readings.
Fed Governor Waller on Wednesday said recent disappointing inflation data affirms the case for the U.S. central bank holding off on cutting its short-term interest rate target.
Investors now look forward to the U.S. core personal consumption expenditure, or PCE, price index report due on Friday to gauge when the Fed may begin cutting interest rates.
The PCE price index was seen rising 0.3% in February, which would keep the annual pace at 2.8%. Also on investors' radar is the weekly U.S. initial jobless claims report due later in the day.
Traders are currently pricing in a 62% probability the Fed will begin cutting rates in June, according to the CME Group's FedWatch Tool.
Lower interest rates reduce the opportunity cost of holding bullion.
Spot silver was steady at $24.67 U.S. per ounce, platinum rose 0.7% to $900.35 U,S, and palladium climbed 1.3% to $996.19 U,S.
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