GOLD prices were flat on Wednesday (Jan 11), as traders awaited key US inflation data due this week to gauge the Federal Reserve’s rate hike stance.
Spot gold was little changed at US$1,876.49 per ounce, as of 0023 GMT. US gold futures rose 0.3 per cent to US$1,881.30.
All eyes are on the US consumer price index (CPI) data due on Thursday.
Fed chair Jerome Powell did not comment on the Fed’s monetary policy at the central bank conference in Sweden held on Tuesday.
Fed governor Michelle Bowman said the US central bank will have to raise interest rates further to combat high inflation and that will likely lead to softer job market conditions.
Gold is highly sensitive to rising interest rates, as that increase the opportunity cost of holding the non-yielding bullion.
Meanwhile, European Central Bank’s governing council member Mario Centeno said on Tuesday the current process of interest rate increases is approaching its end.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.13 per cent to 914.17 tonnes on Tuesday.
Spot silver was steady at US$23.62, platinum fell 0.5 per cent to US$1,076.00 and palladium slipped 0.4 per cent to$1,773.87.
(Source : Reuters) , all rights reserved by original source.
