FUNDAMENTALS
* Spot gold was steady at $2,317.03 an ounce at 0118 GMT, trading in a $4 range. Bullion’s March-April rally sent it up nearly $400 to an all-time high of $2,431.29 on April 12.
* US gold futures fell 0.4% to $2,329.00 an ounce.
* Investors await first-quarter U.S. gross domestic product data due later today and the March personal consumption expenditures (PCE) report on Friday, after higher-than-expected consumer price inflation in March pushed back expectations for a rate cut.
* Recent remarks from Federal Reserve officials have suggested there is no urgency to cut rates. Traders now expect the Fed’s first rate cut to most likely come in September.
* Higher interest rates reduce the attractiveness of holding gold without yield. * British mining multinational Anglo American said it had received a share buyback proposal from the world’s largest listed mining company, Australian group BHP. * The depreciation of Asian currencies against the U.S. dollar and what steps monetary authorities could take to avoid further weakness are dominating the market landscape in Asia as the Bank of Japan begins its two-day policy meeting.
* Spot silver rose 0.1% to $27.19 an ounce, platinum rose 0.1% to $903.20, while palladium fell 0.5% to 995 $.76.
FUNDAMENTALS
* Spot gold was steady at $2,317.03 an ounce at 0118 GMT, trading in a $4 range. Bullion’s March-April rally sent it up nearly $400 to an all-time high of $2,431.29 on April 12.
* US gold futures fell 0.4% to $2,329.00 an ounce.
* Investors await first-quarter U.S. gross domestic product data due later today and the March personal consumption expenditures (PCE) report on Friday, after higher-than-expected consumer price inflation in March pushed back expectations for a rate cut.
* Recent remarks from Federal Reserve officials have suggested there is no urgency to cut rates. Traders now expect the Fed’s first rate cut to most likely come in September.
* Higher interest rates reduce the attractiveness of holding gold without yield. * British mining multinational Anglo American said it had received a share buyback proposal from the world’s largest listed mining company, Australian group BHP. * The depreciation of Asian currencies against the U.S. dollar and what steps monetary authorities could take to avoid further weakness are dominating the market landscape in Asia as the Bank of Japan begins its two-day policy meeting.
* Spot silver rose 0.1% to $27.19 an ounce, platinum rose 0.1% to $903.20, while palladium fell 0.5% to 995 $.76.