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Saturday, March 02, 2024  
20 Shaban 1445  

Gold prices flat as traders await remarks from Fed officials

Spot gold rose 0.6% to $2,035.89 per ounce on Tuesday

Gold prices struggled for a clear direction on Wednesday, as traders awaited comments from a slew of Federal Reserve officials this week to assess how soon the US central bank may start cutting interest rates.

Gold firmed on Tuesday after a pullback in the US dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year.

Spot gold rose 0.6% to $2,035.89 per ounce, as of 01:45 p.m. ET (1845 GMT), after hitting its lowest since Jan. 25 in the previous session.

US gold futures settled 0.4% higher at $2051.4.

Propping up zero-yield bullion, the dollar was down 0.3% and benchmark US 10-year Treasury yields also eased.

Fed speakers are expected to reiterate that while March might be too early for a rate cut, they just need more of the same on the inflation front in order to start their cutting cycle, said Daniel Ghali, commodity strategist at TD Securities.

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