Mumbai, 9 May (Commoditiescontrol): Gold prices were largely steady on Thursday, as investors observed caution ahead of U.S. economic data that could offer additional insights into the timing of the Federal Reserve's potential interest rate cuts.
Spot gold was little changed at $2,307.96 per ounce. U.S. gold futures lost 0.3% to $2,315.00.
The U.S. weekly jobless claims data is due at 1230 GMT and the University of Michigan's consumer sentiment reading on Friday. The consumer price index data is scheduled to be released next week.
According to the CME's FedWatch Tool, traders are currently pricing in about a 66% chance that the Fed will cut rates in September. Lower interest rates reduce the opportunity cost of holding bullion.
Fed Bank of Boston President Susan Collins said on Wednesday that the U.S. economy needs to cool off as an avenue toward getting inflation back to the central bank's 2% target.
Meanwhile, the Bank of England is likely to move closer to its first interest rate cut in four years as inflation falls, but will probably be cautious about signalling that a move is imminent.
On the geopolitical front, Hamas said on Wednesday it was unwilling to make more concessions to Israel in negotiations over a ceasefire for Gaza, although talks were still under way in Cairo aimed at pausing Israel's seven-month-old offensive.
Spot silver fell 0.2% to $27.29 per ounce. Platinum was up 0.4% to $975.75 and palladium gained 0.3% to $954.23.
The platinum market faces its largest supply shortfall in 10 years in 2024 as shipments from Russia return to normal from last year's highs and industrial demand stays firm, Johnson Matthey said in a report.
(By Commoditiescontrol Bureau: 09820130172)
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