Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline.
Spot gold was up 0.3% at $2,416.62 per ounce, as of 0402 GMT. U.S. gold futures gained 0.4% to $2,417.10.
Investors expect key U.S. data releases this week, including the second-quarter gross domestic product (GDP) reading on Thursday and the June personal consumption expenditures (PCE) price index number on Friday, to offer more cues about the rate-cut timeline.
The Fed will cut interest rates just twice this year, in September and December, as resilient U.S. consumer demand warrants a cautious approach despite easing inflation, according to a growing majority of economists in a Reuters poll.
Spot gold may break resistance at $2,417 and bounce further to $2,432, according to Reuters technical analyst Wang Tao.
Spot silver rose 0.2% to $29.28 per ounce. Platinum firmed 0.3% to $945.73 and palladium steadied at $925.64.
Source : Reuters
