Gold steady on caution ahead of US CPI, Fed meet; Spot gold hits $1,781.66 per ounce
Spot gold was steady at $1,781.66 per ounce, as of 0023 GMT. US gold futures GCv1 were up 0.1% at $1,793.40.
- Dec 13, 2022,
- Updated Dec 13, 2022 7:20 AM IST
Gold prices were little changed in early Asian trade on Tuesday, as investors maintained caution ahead of US inflation data and the Federal Reserve's policy decision.
FUNDAMENTALS
* Spot gold was steady at $1,781.66 per ounce, as of 0023 GMT. US gold futures GCv1 were up 0.1% at $1,793.40.
* The market's focus now shifts to the US consumer price index (CPI) report for November which is due at 1330 GMT.
* The US central bank is widely expected to hike interest rates by 50 basis points at its final meeting of 2022 scheduled on Dec. 13-14.
* Lower rates tend to be beneficial for bullion as it decreases the opportunity cost of holding the non-yielding asset.
* Seizures of smuggled gold in India reached a three-year high this year after the government raised the import duty on the precious metal and international flights resumed following COVID-19 curbs.
* Goldman Sachs expects gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long term, the bank wrote in a Monday research note.
* Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust GLD, rose 0.3% on Friday.
* Spot silver was flat at $23.30, platinum was unchanged at $1,001.46 and palladium ticked 0.1% lower to $1,886.38.
Gold prices were little changed in early Asian trade on Tuesday, as investors maintained caution ahead of US inflation data and the Federal Reserve's policy decision.
FUNDAMENTALS
* Spot gold was steady at $1,781.66 per ounce, as of 0023 GMT. US gold futures GCv1 were up 0.1% at $1,793.40.
* The market's focus now shifts to the US consumer price index (CPI) report for November which is due at 1330 GMT.
* The US central bank is widely expected to hike interest rates by 50 basis points at its final meeting of 2022 scheduled on Dec. 13-14.
* Lower rates tend to be beneficial for bullion as it decreases the opportunity cost of holding the non-yielding asset.
* Seizures of smuggled gold in India reached a three-year high this year after the government raised the import duty on the precious metal and international flights resumed following COVID-19 curbs.
* Goldman Sachs expects gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long term, the bank wrote in a Monday research note.
* Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust GLD, rose 0.3% on Friday.
* Spot silver was flat at $23.30, platinum was unchanged at $1,001.46 and palladium ticked 0.1% lower to $1,886.38.