Gold Steady as Investors Await for Clues on U.S. Rate Hikes
Gold prices were steady on the latest weaker-than-expected U.S. data, after dropping one percent on restored expectations of U.S. interest rate hikes in March that pushed the dollar higher. Spot gold was stable at $1,236 per ounce while U.S. gold futures settled 0.1 percent lower at $1,237.
Traders are currently eyeing the release of minutes from the Federal Reserve's Jan. 30-Feb. 1 meeting. President Donald Trump's address to the Congress on Feb. 28, will also be eyed as analysts and traders hope that it will provide more details on infrastructure spending and tax cuts. "Gold is capped by the likelihood that U.S. monetary policy will be tighter at some stage, potentially in March," according to Societe Generale analyst Robin Bhar. Switzerland's gold exports reached a 10-month low in January, as stated in the data from the Swiss customs bureau, due to declines in shipments to China and Hong Kong.
In other metals, silver dropped 0.4 percent to $17.94 per ounce. Platinum shed 0.3 percent to $997.95 while palladium climbed 0.6 percent to $776.75.
News are provided byInstaForex.