Gold Holds Tight Range ahead of US Economic Data
London, January 25 (QNA) – Gold prices traded in a tight range on Wednesday 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% at $1,940.00.
Most investors are expecting the Fed to raise rates by 25 basis points (bps) at its policy meeting next week. The U.S. central bank slowed its tightening pace to 50 bps last month after four straight 75-bp hikes.
The dollar index slipped 0.1%. A weaker dollar tends to make greenback-priced gold more attractive for buyers holding other currencies.
Among other precious metals, spot silver dipped 0.2% to $23.62 per ounce and platinum lost 0.2% at $1,054.40. Palladium rose 0.1% to $1,745.38. (QNA)