Jan 10 (Reuters) - Gold prices held steady on Wednesday, as investors refused to make big bets ahead of a key U.S. inflation print that could offer more clarity on when the Federal Reserve might begin cutting interest rates. FUNDAMENTALS * Spot gold rose 0.1% to $2,031.30 per ounce, as of 0151 GMT, trading in a range of about $4. * U.S. gold futures rose 0.2% to $2,036.90 per ounce. * Bullion prices stood ground even as the dollar index ticked up and yields on 10-year U.S. Treasury notes remained above 4%. * Traders are on lookout for Thursday's U.S. consumer price inflation report that is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis. , * An official U.S. report revealed that consumers expect a decline in inflation while Fed Governor Michelle Bowman stated that the U.S. central bank's monetary policy seems "sufficiently restrictive". * Lower interest rates decrease the opportunity cost of holding non-yielding bullion. * Market participants are pricing in an about 62% chance of a rate cut by the U.S. central bank in March, according to the CME FedWatch tool. * Australia's inflation slowed to a near two-year low in November and core inflation also eased sharply, a softer-than-expected result that reinforced market expectations that interest rates would not need to rise any further. * Australian shares fell, dragged down by mining and gold stocks, while Japan's benchmark Nikkei average opened up 0.4% higher. * Spot silver was steady at $22.96 per ounce, while platinum rose 0.2% to $931.75, and palladium gained 0.5% to $983.39. DATA/EVENTS (GMT) 0745 France Industrial Output Nov 1500 US Wholesale Invt(y), MM Nov 1800 US 10Y Note Auc -- 2015 US Fed's Williams speaks -- 2350 Japan Foreign Reserves Dec (Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich)
Real-time Estimate TTMZero 04:03:37 11/06/2024 pm IST | 5-day change | 1st Jan Change | ||
1.074 USD | -0.18% | -1.26% | -2.63% |
12:26pm | Sterling hits 22-month high versus euro edges up vs dollar | RE |
12:23pm | ING Comments on Euro, Sterling | MT |
Stocks mentioned in the article
Price
|
Change
|
5d. change
|
Capi.
| ||
---|---|---|---|---|---|
39,135 PTS | +0.25% | +0.77% | - | ||
7,755 PTS | -1.33% | +0.24% | - | ||
2,777 PTS | -0.20% | -0.38% | - | ||
2,306 USD | -0.16% | -1.88% | - | ||
1,442 PTS | -1.63% | -0.53% | - | ||
891.4 USD | -1.70% | -2.75% | - | ||
29.18 USD | -1.76% | -4.99% | - | ||
1.275 USD | +0.17% | -0.24% | - | ||
1.074 USD | -0.18% | -1.26% | - | ||
0.7259 USD | -0.09% | -0.66% | - | ||
0.66 USD | -0.11% | -0.72% | - | ||
0.6128 USD | -0.01% | -0.75% | - | ||
0.012 USD | -0.09% | 0.00% | - | ||
- PTS | -.--% | +1.02% | - | ||
Headlines
- Stock Market
- Currencies
- EURUSD Currency
- News EUR / USD
- Gold holds steady ahead of US inflation print