Commodities
Gold Rangebound as Investors Brace for Key US Economic Data
Gold prices were trading in a tight range today as traders remained on the sidelines ahead of key US economic data that may provide clues about the size of the Federal Reserve’s interest rate cuts expected later this year (2024).
Spot gold was flat at US$2,655.03 per ounce. Prices hit a record high of US$2,685.42 on 26 September 2024.
US gold futures gained 0.2 per cent to US$2,675.40.
Investors are watching out for the ISM services data and the initial jobless claims, due later in the day, along with the US non-farm payroll data expected tomorrow (Friday).
Spot silver fell 0.9 per cent to US$31.58, platinum shed 0.5 per cent to US$997.90 and palladium lost 1.3 per cent to US$1,001.80.
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