2024-01-23T16:16:49+00:00
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/ Gold prices stabilized on Tuesday evening, as investors awaited the release of a set of US economic data this week to clarify when the US Federal Reserve may begin lowering interest rates.
Gold settled in spot transactions at $2,021.89 per ounce by 1433 GMT.
US gold futures also settled at $2,023.20.
Investors are awaiting the US Purchasing Managers’ Index reading scheduled to be published tomorrow, Wednesday, as well as the fourth-quarter GDP estimates scheduled to be released on Thursday, in addition to the personal consumption expenditures data expected on Friday.
The US Central Bank is scheduled to hold its next meeting on January 30 and 31.
US Central Bank officials said last week that the bank needs more inflation data before issuing any decision to reduce interest rates.
Lowering interest rates reduces the opportunity cost of holding non-yielding bullion. As for other precious metals, silver rose in spot transactions by one percent to $22.31 per ounce. Platinum increased 0.4 percent to $865.63, while palladium fell 0.2 percent to $934.50.