Mumbai, 25 Mar (Commoditiescontrol): Gold prices were largely unchanged on Monday as investors await U.S. inflation data due later this week to see if that could alter the Federal Reserve's three rate cut projections for this year.
Spot gold was flat at $2,163.99 per ounce. U.S. gold futures were up 0.2% at $2,165.20 per ounce.
Focus now shifts to U.S. core personal consumption expenditure (PCE) price index data due on Friday. PCE price index is seen rising 0.3% in February, which would keep the annual pace at 2.8%.
Many markets are closed for Good Friday holiday this week, when the PCE data is due for release, so the full reaction will have to wait until next week.
Gold prices rose to an all-time high on Thursday after Fed policymakers indicated they still expected to reduce interest by three-quarters of a percentage point by the end of 2024 despite recent high inflation readings.
Fed Chair Jerome Powell on Wednesday said recent high inflation readings had not changed the overall story of slowly easing U.S. price pressures.
Lower interest rates reduces the opportunity cost of holding bullion. Traders are now pricing in a 74% probability that the Fed will begin cutting rates in June, according to the CME Group's FedWatch Tool.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.38% to 835.33 tonnes on Friday from 838.50 tonnes on Thursday.
Meanwhile, COMEX gold speculators reduced their net long positions by 2,093 contracts to 157,467 in the week ended March 19, data showed on Friday.
Spot silver eased 0.2% to $24.60 per ounce, platinum rose 0.2% to $895.73 and palladium gained 0.3% to $988.75.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
