Gold steadied after dipping in the previous session, when it was impacted by US data that may deter the Federal Reserve from easing monetary policy early in 2024.
The precious metal surged to an all-time high early this month as traders bet that the US central bank will start cutting interest rates at a sharp pace next year. Since then, some Fed officials have pushed back on expectations of a rapid pivot to rate cuts, which are typically positive for non-interest bearing bullion.
On Wednesday, data showed sales of previously owned homes unexpectedly rose in November, while consumer confidence increased in December by the most since early 2021 as Americans grew more upbeat about the labor market and the inflation outlook.
Investors will look to more data readouts this week for fresh clues on whether inflation continues to cool, which would support monetary easing.
Gold was little changed at $2,033.49 an ounce as of 8:14 a.m. in Singapore, after slipping 0.4% on Wednesday. The Bloomberg Dollar Spot Index dipped. Silver and palladium rose, while platinum was steady.
Source : Bloomberg
