KONTAN.CO.ID - LONDON. Gold prices crept higher on Thursday, but traded in a relatively tight range as investors looked to U.S. economic data for further clarity on the Federal Reserve's next monetary move. Spot gold was up 0.2% at $2,033.98 per ounce, as of 1035 GMT, trading in a narrow $9 range in the session so far. U.S. gold futures fell 0.1% to $2,045.70. If US data this week reinforces the view that the Fed will soon start cutting rates, then gold will gain but in the case of stronger data then the Fed is likely to keep rates higher for longer, said Ricardo Evangelista, senior analyst at ActivTrades.
Gold Range-Bound as Market Focuses on US Economic Data
KONTAN.CO.ID - LONDON. Gold prices crept higher on Thursday, but traded in a relatively tight range as investors looked to U.S. economic data for further clarity on the Federal Reserve's next monetary move. Spot gold was up 0.2% at $2,033.98 per ounce, as of 1035 GMT, trading in a narrow $9 range in the session so far. U.S. gold futures fell 0.1% to $2,045.70. If US data this week reinforces the view that the Fed will soon start cutting rates, then gold will gain but in the case of stronger data then the Fed is likely to keep rates higher for longer, said Ricardo Evangelista, senior analyst at ActivTrades.