Gold prices steadied in Asian trade on Wednesday as traders focused on upcoming U.S. inflation data and interest rate decisions. A somewhat hawkish outlook on U.S. interest rates kept caution high in metal markets.
In industrial metals, copper prices remained rangebound due to cooling optimism over Chinese stimulus measures and anticipation of more economic cues from China, the world’s largest copper importer.
Spot gold dipped 0.1% to $2,358.93 an ounce, while gold futures inched up 0.1% to $2,359.80 an ounce ahead of their expiration this week. Despite the steadying prices, gold remained approximately $100 below last week’s record highs, even as the dollar and Treasury yields firmed overnight.
Gold Steadies with Interest Rate Cues in Focus
Gold prices remained stable but were closely monitored for signals on U.S. interest rate cuts. A series of hawkish comments from the Federal Reserve led traders to steadily reduce their expectations for a rate cut in September. Minneapolis Fed President Neel Kashkari indicated that some policymakers had not ruled out additional rate hikes to combat persistent inflation—a scenario that is generally unfavorable for metal markets. His remarks preceded a series of speeches from other Fed officials and the release of the PCE price index data, the Fed’s preferred measure of inflation. Higher interest rates typically increase the opportunity cost of holding non-yielding assets like gold.
Platinum and Silver Outperform Gold in Recent Weeks
On Wednesday, other precious metals had mixed performances. Platinum futures dropped 0.2% to $1,069.00 an ounce, while silver futures rose 0.5% to $32.312 an ounce. Both metals have outperformed gold in recent weeks due to their ties to industrial markets, which experienced a speculative surge.
Copper Prices Steady, Awaiting More Cues from China
Benchmark copper futures on the London Metal Exchange climbed 0.6% to $10,566.50 a tonne, while one-month copper futures fell 0.1% to $4.8715 a pound. Both contracts remained well below recent record highs as the speculative frenzy in industrial metals subsided. Although China announced additional supportive measures for its property sector this week, traders remained cautious, awaiting details on how Beijing will implement and finance these new stimulus measures. Key purchasing managers index data from China, due on Friday, are also in focus for more economic insights from the world’s largest copper importer.
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