Gold prices were little changed on Thursday as investors waited for U.S. economic data to gauge the timing of the central bank’s interest rate cuts.
FUNDAMENTALS
* Spot gold was unchanged at $2,398.17 per ounce, as of 0032 GMT. U.S. gold futures ticked 0.8% lower to $2,397.40.
* Markets are awaiting the U.S. gross domestic product (GDP) reading due at 1230 GMT and personal consumption expenditure data – the Fed’s favoured measure of inflation – on Friday.
* Traders are expecting that the U.S. Federal Reserve will deliver a long-awaited interest rate cut in September. Non-yielding bullion’s appeal tends to shine in a low-interest-rate environment. * Data on Wednesday showed that the U.S. trade deficit in goods narrowed in June for the first time this year amid a broad rebound in exports, but that probably was insufficient to prevent trade from remaining a drag on economic growth in the second quarter. * Newmont Corp beat Wall Street estimates for second-quarter profit, as the world’s biggest gold miner benefited from robust production and higher prices. * Gold prices are poised for a fresh run to record highs in coming months while platinum and palladium will stay below $1,000 per ounce in 2024, a Reuters poll showed.
* Spot silver fell 0.5% to $28.84 per ounce, platinum steadied at $948.00 and palladium eased 0.3% to $930.25.
DATA/EVENTS (GMT)
0645 France Business Climate Mfg July
0645 France Business Climate Overall July
0800 Germany Ifo Business Climate New July
0800 Germany Ifo Curr Conditions New July
0800 Germany Ifo Expectations New July
1000 France Unemp Class-A SA June
1000 UK CBI Business Optimism Q3
1230 US Durable Goods June
1230 US GDP Advance Q2
1230 US Initial Jobless Clm 20 Jul, w/e