2023-04-26 04:05:48
Gold prices stabilized near the important $2,000 an ounce level, in early trading on Wednesday, while investors are cautious and awaiting US economic data that may help them predict the course of US interest rates.
Data on Tuesday showed US consumer confidence fell to a nine-month low in April as anxiety about the future increases, exacerbating the risk of the economy falling into a recession this year.
Single-family home sales in the United States jumped to the highest level in a year in March, and the rise in demand is likely to be a result of lower interest rates on mortgages.
The US central bank’s Federal Open Market Committee, which sets interest rates, is scheduled to meet on May 2-3.
Prices change
hang in there gold in the spot market at $1999.09 an ounce by 0042 GMT. US gold futures rose 0.3 percent to $2010.20.
Index fell dollar 0.1 percent, which increases the attractiveness of the precious metal to buyers holding other currencies.
Although gold is considered a hedge against inflation and economic uncertainty, high interest rates reduce the attractiveness of the precious metal, which does not yield a return.
Spot silver rose 0.1% to $25.06 an ounce, while platinum rose 0.7% to $1,094.12, and palladium rose 1% to $1,498.95 an ounce.
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