Gold Holds Steady Amid US Data Await

16 Oct 2024 , 09:58 AM

Gold remained flat during early Asian hours on Wednesday, as market investors awaited U.S. economic data to decide the number of interest rate cuts the Federal Reserve will make in the near future.

Fed Bank of San Francisco President Mary Daly said the central bank is still on track for more rate decreases this year as long as data fulfils expectations.

The primary focus is on September retail sales data in the United States, which is coming Thursday. Industrial production figures and weekly unemployment claims data are also due on the same day.

Spot gold was steady at $2,660.36 per ounce. US gold futures dipped 0.1% to $2,676.50.

Traders expect the Fed to decrease rates by 25 basis points in November, with a 2.8% chance of pausing. Lower rates make non-yielding bullion more appealing.

When updating his predictions for last month’s US central bank meeting, Atlanta Fed President Raphael Bostic said he pencilled in just one more 25-basis-point rate cut this year.

In other news, Israeli Prime Minister Benjamin Netanyahu stated that he told French President Emmanuel Macron that he would not agree to a ceasefire agreement if it did not prevent Hezbollah from rearming and reorganising.

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