GOLD prices were flat on Tuesday (May 14), as investors awaited key US inflation data that could provide more clues on the Federal Reserve’s policy path.
Spot gold was steady at US$2,335.93 per ounce, as at 0052 GMT. Bullion prices fell 1 per cent on Monday.
US gold futures fell 0.1 per cent to US$2,341.60.
Markets’ focus this week will be on the US Producer Price Index data on Tuesday, followed by the Consumer Price Index data due on Wednesday.
Americans last month braced for generally higher inflation pressures over the next few years and accelerating home price increases, according to a report by the Federal Reserve Bank of New York.
The Fed will likely cut its key interest rate twice this year, starting in September, according to a stronger majority of economists polled by Reuters.
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Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Share of gold in India’s foreign reserve witnessed an increase, the country’s central bank said. It rose to 8.15 per cent at March-end, from 7.37 per cent at the end of September.
The global platinum deficit in 2024 will be deeper than previously expected due to lower supply from mines in South Africa and Russia, the World Platinum Investment Council said.
Average prices for platinum, palladium and rhodium are expected to fall this year compared with 2023 despite another year of structural deficit for all the three metals of the group, consultancy Metals Focus said.
BHP Group, the world’s largest listed miner, said Anglo American has rejected a revised buyout offer valuing the company at £34 billion (S$58 billion).
Israeli forces pushed deep into the ruins of Gaza’s northern edge to recapture an area from Hamas fighters.
Spot silver rose 0.4 per cent to US$28.29 per ounce, platinum was up 0.3 per cent to US$999.74 and palladium edged 0.3 per cent higher to US$964.86. REUTERS
