Gold steadied as investors waited for comments from Federal Reserve Chair Jerome Powell due later Wednesday that will provide fresh clues on the central bank’s rate path next year.
Bullion has been on a roller-coaster ride in this half, slumping in September before surging to a record earlier this month. It’s been heavily influenced by trader bets on future US monetary policy, with higher rates typically negative for the metal. While markets expect rates will be kept on hold in the last meeting of the year, Powell’s speech and the central bank’s so-called dot-plot may outline possible next steps.
A report on Tuesday showed US consumer prices picked up slightly in November, bringing into question the aggressive pricing in recent weeks of expected rate cuts next year, with traders now trimming wagers on monetary easing in 2024.
Gold was little changed for a second day at $1,980.79 an ounce as of 8:39 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver, platinum and palladium were steady.
Source : Bloomberg
