Commodities and Futures News

Gold prices move little ahead of U.S. GDP, inflation data

2023.04.26 20:58


© Reuters.

Investing.com– Gold prices kept to a small range on Thursday as traders hunkered down ahead of hotly watched data on U.S. economic growth and the Federal Reserve’s preferred inflation gauge, although high safe haven demand kept the yellow metal near key levels.

Bullion prices traded just below $2,000 an ounce after flitting with the level for the past week amid increased safe haven demand and speculation over U.S. monetary policy and interest rates.

rose 0.1% to $1,990.01 an ounce, while rose 0.2% to $1,999.85 an ounce by 20:32 ET (00:32 GMT). Both instruments are up marginally for the week.

Focus is now chiefly on due later in the day, which is expected to show that growth cooled after a stronger-than-expected fourth quarter. High interest rates, elevated inflation and slowing manufacturing activity are expected to have taken a toll on the economy over the past three months.

The Fed’s preferred inflation gauge- the – is also due later in the day, and is expected to show that inflation remained sticky in March from the prior month.

The data comes ahead of a Fed meeting next week, where the central bank is widely expected to . But uncertainty over where rates will go later in the year weighed on metal markets in recent sessions, especially as economic data painted a somewhat weak picture of the U.S. economy.

But despite signs of slowing growth, several Fed officials called for more rate hikes this year, especially as inflation remains well above the central bank’s target range. Such a scenario bodes poorly for gold and other metals, given that it pushes up the opportunity cost of holding non-yielding assets.

Gold benefited in recent sessions from safe haven demand, following a string of weak earnings on Wall Street, as well as resurgent fears of a banking crisis. 

Other precious metals moved slightly higher on Thursday, with up 0.1%, while added 0.5%. 

Among industrial metals, copper prices remained pinned at a five-week low, as fears of slowing economic growth pointed to weaker demand for the red metal.

rose 0.1% to $3.8572 a pound, after falling sharply for the past six sessions.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 103,152.64 0.65%
ethereum
Ethereum (ETH) $ 2,338.30 6.95%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.36 2.63%
bnb
BNB (BNB) $ 639.89 2.35%
solana
Solana (SOL) $ 172.83 6.80%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.205811 5.78%
cardano
Cardano (ADA) $ 0.782214 3.13%
tron
TRON (TRX) $ 0.26085 1.88%
staked-ether
Lido Staked Ether (STETH) $ 2,336.18 7.39%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,154.64 0.57%
sui
Sui (SUI) $ 3.92 1.77%
chainlink
Chainlink (LINK) $ 16.06 1.63%
avalanche-2
Avalanche (AVAX) $ 23.17 5.81%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,807.28 6.84%
stellar
Stellar (XLM) $ 0.295757 2.42%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 5.44%
hedera-hashgraph
Hedera (HBAR) $ 0.202701 3.82%
hyperliquid
Hyperliquid (HYPE) $ 24.94 8.46%
the-open-network
Toncoin (TON) $ 3.28 1.44%
bitcoin-cash
Bitcoin Cash (BCH) $ 408.91 2.67%
leo-token
LEO Token (LEO) $ 8.75 1.76%
usds
USDS (USDS) $ 1.00 0.01%
litecoin
Litecoin (LTC) $ 99.94 5.66%
polkadot
Polkadot (DOT) $ 4.81 8.70%
weth
WETH (WETH) $ 2,337.95 7.38%
monero
Monero (XMR) $ 315.01 6.53%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,494.88 7.48%
bitget-token
Bitget Token (BGB) $ 4.49 0.35%
pepe
Pepe (PEPE) $ 0.000012 7.43%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.06%
pi-network
Pi Network (PI) $ 0.730472 13.81%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,082.62 0.60%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.12%
whitebit
WhiteBIT Coin (WBT) $ 30.33 0.25%
uniswap
Uniswap (UNI) $ 6.34 7.35%
bittensor
Bittensor (TAO) $ 426.62 1.31%
near
NEAR Protocol (NEAR) $ 2.91 8.48%
dai
Dai (DAI) $ 1.00 0.05%
aptos
Aptos (APT) $ 5.52 1.66%
okb
OKB (OKB) $ 53.84 1.88%
ondo-finance
Ondo (ONDO) $ 1.01 4.46%
aave
Aave (AAVE) $ 210.70 2.98%
susds
sUSDS (SUSDS) $ 1.05 0.02%
crypto-com-chain
Cronos (CRO) $ 0.102343 3.73%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
ethereum-classic
Ethereum Classic (ETC) $ 19.15 3.99%
internet-computer
Internet Computer (ICP) $ 5.43 4.98%
official-trump
Official Trump (TRUMP) $ 14.43 15.08%