2024-01-23T16:16:49+00:00
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/ Gold prices stabilized on Tuesday evening, as investors await the release of a set of US economic data this week to clarify when the US Federal Reserve might start cutting interest rates.
Spot gold was steady at $2,021.89 an ounce by 1433 GMT.
US gold futures also settled at $2,023.20.
Investors are awaiting the US Purchasing Managers’ Index (PMI) due out on Wednesday, fourth-quarter GDP estimates due on Thursday, and personal consumption expenditures data due on Friday.
The US Federal Reserve is scheduled to hold its next meeting on January 30 and 31.
Fed officials said last week that the bank needs more inflation data before making any decision to cut interest rates.
Lowering interest rates reduces the opportunity cost of holding non-yielding bullion. Among other precious metals, spot silver rose 1 percent to $22.31 an ounce. Platinum rose 0.4 percent to $865.63, while palladium fell 0.2 percent to $934.50.