Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year.
Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year.
Data showed on Friday that the personal consumption expenditures index, increased 2.6% after advancing 2.7% in April.
But, "any failure to defend the $2,280 level ahead may potentially pave the way for gold prices to head towards the $2,200 next".
Spot silver dipped 0.2% to $29.06, platinum fell 0.7% to $986.08 and palladium held steady at $972.74.
Persons:
Yeap Jun Rong, Jerome Powell
Organizations:
Federal Reserve, ANZ