Gold prices steady as US inflation data looms
Data on Monday showed sales of new U.S. single-family homes rose less than expected in January, while Dallas Federal Reserve monthly manufacturing activity index came out positive.
were steady on Tuesday, as awaited a key U.S. inflation reading due later this week that could provide more information on how soon the might begin cutting .FUNDAMENTALS
* Spot gold was little changed at $2,031.03 per ounce, as of 0056 GMT. U.S. gold futures edged 0.1% higher to $2,040.5 per ounce.* Benchmark 10-year slipped to 4.2775% from 4.2990% on Monday, making non-yielding bullion more appealing.
* Data on Monday showed sales of new U.S. single-family homes rose less than expected in January, while Dallas Federal Reserve monthly manufacturing activity index came out positive.
* Recent remarks from Fed policymakers suggested the U.S. central bank was in no rush to cut interest rates, largely cementing bets against any rate cuts before June.
* Markets are currently pricing in about 80 basis points of rate cuts for 2024, with a 62% chance of the first quarter-point cut coming in June, according to LSEG's interest rate probability app, IRPR. Lower interest rates boost the appeal of holding non-yielding bullion.
* Markets now await data on U.S. durable goods orders due later in the day and the U.S. Federal Reserve's preferred gauge of inflation - the core personal consumption expenditures (PCE) price index - on Thursday.
* Investors were also watching the risk that U.S. government agencies could be shut down if Congress cannot agree on a borrowing extension by Friday.
* Spot platinum rose 0.2% to $881.75 per ounce, while palladium fell 0.2% to $949.36, and silver was flat at $22.52 per ounce. DATA/EVENTS (GMT) 1330 US Durable Goods Jan 1330 US Consumer Confidence Feb