Gold prices steady amid US economic cues

26 Apr 2023 , 10:11 AM

Gold prices steady in the early trades on Wednesday as investors maintained a cautious position and need more clarity on the Federal Reserve’s rate-hike trajectory from upcoming U.S. economic data.

Spot gold held its ground at $1,999.09 per ounce by 0042 GMT. U.S. gold futures rose 0.3% to $2,010.20.

The dollar index eased 0.1%, making gold more attractive for buyers holding other currencies.

Federal Open Market Committee, the U.S. central bank’s rate-setting will meet on May 2-3.

Higher interest rate dim the non-yielding asset, even when gold is considered as a hedge against inflation and economic uncertainty.