Gold held steady near its record high on Tuesday as investors awaited U.S. Federal Reserve minutes and Chair Jerome Powell’s speech for indications on how much the central bank will cut rates this year.
Spot gold edged 0.2% higher to $2,500.08 per ounce by 0254 GMT, trading slightly below an all-time high of $2,509.65 hit on Friday. U.S. gold futures rose 0.1% to $2,537.70.
“Gold prices have been largely steady in the Asian session, seemingly catching a breather as buyers seek to defend its new record high,” said IG market strategist Yeap Jun Rong.
Gold prices have rallied more than 20% so far this year on optimism that the Fed will begin cutting interest rates in September, robust central bank buying and safe-haven demand stemming from the Middle East tensions.
Trader will closely monitor the minutes of the Fed’s July policy meeting on Wednesday and Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday for further hints.
The U.S. dollar dipped to a seven-month low in the previous session, lending support to dollar-denominated gold.
Among other metals, spot silver fell 0.8% to $29.25 per ounce. Platinum gained 0.6% to $958.95 and palladium shed 0.8% to $924.75.
Source : Reuters
