Gold prices held steady on Wednesday, hovering around $2,320 per ounce, as investors awaited crucial US inflation data scheduled for release this week. This data is expected to shed light on the timing of the Federal Reserve's first interest rate cut of 2024. Spot gold was flat at $2,319.95 per ounce as of 0337 GMT, with US gold futures mirroring this stability at $2,331.30. A 0.1 per cent rise in the US dollar against other currencies made gold less attractive for investors holding other currencies. Additionally, a slight increase in benchmark 10-year Treasury yields further pressured gold prices. Fed Governor Michelle Bowman suggested that maintaining current interest rates for a while could help manage inflation, but also mentioned the possibility of rate hikes if needed. Fed Governor Lisa Cook hinted at future rate cuts without giving a specific timeline. Despite the recent dip, analyst Tim Waterer of KCM Trade notes that shallow declines suggest continued investor interest in gold. He adds that a breach of the $2,368 level would be necessary for gold to surpass its highs from last week. Spot silver displayed a slight increase of 0.1 per cent to $28.94 per ounce. Platinum gained 0.8 per cent to $989.70, while palladium dipped 0.5 per cent to $943.49. Attribution: Reuters
