Gold prices steady with US economic data in focus
July 23 (Reuters) -Gold prices were steady on Tuesday as investors strapped in for U.S. economic data this week for clarity on the timeline for Federal Reserve's interest rate cut.
FUNDAMENTALS
* Spot gold XAU= held its ground at $2,398.29 per ounce, as of 0035 GMT, after falling to a more than one-week low in the previous session. U.S. gold futures GCcv1 edged 0.1% higher to $2,397.70.
* Traders will eye the report on gross domestic product (GDP) for the second quarter on Thursday and personal consumption expenditures (PCE) data for June on Friday.
* The Federal Open Market Committee (FOMC) will hold a two-day policy meeting on July 30-31. Markets have broadly priced in a 25-basis-point rate cut by September and two cuts by the year-end. FEDWATCH
* Lower rates reduce the opportunity cost of holding bullion.
* Chinese gold demand is now cyclically soft due to recent price surges, but central banks in emerging markets including China are likely to continue to buy gold frequently, whether disclosed or not, Goldman Sachs said.
* China surprised markets by cutting major short- and long-term interest rates on Monday, its first such broad move since last August, signalling intent to boost growth in the world's second-largest economy.
* On the political front, U.S. Vice President Kamala Harris, building Democratic backing for her sudden presidential run, rallied supporters on Monday with a debut campaign speech vowing to go after Republican nominee Donald Trump like the courtroom prosecutor she once was.
* Spot silver XAG= fell 0.5% to $29.06 per ounce, platinum XPT= firmed 0.1% at $948.13 and palladium XPD= lost 0.1% to $907.25.
* South Africa's Anglo American Platinum (Amplats) AMSJ.J said on Monday it has cut about 3,700 jobs to reduce spending ahead of a planned demerger from parent company Anglo American AAL.L.
DATA/EVENTS (GMT)
1400 EU Consumer Confid. Flash July
1400 US Existing Home Sales June
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
