Gold steadies before U.S. data dump, more Fed cues
Investing.com-- Gold prices steadied after early declines on Tuesday as markets hunkered down before several upcoming cues on the U.S. economy, as well as a series of addresses from Federal Reserve officials.
While the yellow metal saw strong gains after the onset of the Israel-Hamas war pushed investors into safe havens, it reversed course this week after a stronger-than-expected U.S. inflation reading pushed up concerns over higher interest rates.contract on New York’s Comex, December, settled up $1.40, or 0.07%, at $1,935.70 an ounce, after an intraday drop to 1,924.85., more closely watched by some traders than futures, was at $1,924.50.65 by 15:33 ET , up $4.28, or 0.2%, on the day.
Higher interest rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal. This trade battered gold through the past year, and is expected to limit any major gains until the Fed starts cutting interest rates.Among industrial metals, copper prices reversed recent gains on Tuesday, as markets hunkered down before key Chinese economic readings this week.
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