Gold prices were little changed on Monday as traders awaited more U.S. economic data this week, after recent data showed that inflation stabilised and lifted hopes for the Federal Reserve to cut interest rates later this year. Spot gold was nearly unchanged at $2,322.53 per ounce, as of 0342 GMT. Data on Friday showed that the U.S. inflation had stabilised in April, raising bets for a rate cut in September. Spot gold may break support at $2,319 per ounce, and fall towards $2,302, according to Reuters technical analyst Wang Tao. Spot silver fell 0.8% to $30.12 per ounce, platinum was up 0.3% at $1,040.80 and palladium lost 0.5% to $908.19.

Source: The Hindu June 03, 2024 16:05 UTC