Gold prices steady as traders brace for US inflation report
Gold prices remained stable on Tuesday as investors awaited key U.S. inflation data, offering insight into the Federal Reserve's policy trajectory.
were steady on Tuesday, as maintained a cautious stance ahead of key U.S. , which could provide more insight into the 's policy trajectory.FUNDAMENTALS
* Spot gold held its ground at $2,351.39 per ounce, as of 0110 GMT, after climbing 1% in the previous session.
* U.S. gold futures were up 0.8% at $2,352.30.
* Investors are now waiting for the April reading on the personal consumption expenditures (PCE) price index, the U.S. central bank's preferred inflation gauge, which is due on Friday.
* Traders' bets signalled growing doubts that the Fed will cut rates more than once in 2024, currently pricing in about a 63% chance of a by November, according to the CME FedWatch Tool.
* is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
* 's net gold imports via Hong Kong slumped 38% in April from the previous month, Hong Kong Census and Statistics Department data showed.
* 's central bank will stop auctioning gold in the domestic market and launch a measure to stabilise prices of the precious metal, it said.
* The in Papua New Guinea is operating without restriction, operator said, adding the mine has sufficient fuel on site to operate normally for 40 days.
* Elsewhere, an Israeli airstrike triggered a fire that killed 45 people in a tent camp in the Gazan city of Rafah, prompting an outcry from global leaders who urged the implementation of a World Court order to halt Israel's assault.
* Gold tends to perform well during an economic turmoil, with reliability that can help offset the risk of more volatile assets in conditions such as geopolitical uncertainty.
* was encouraged by key shareholders including BlackRock to continue engaging in talks with BHP Group over its proposed 38.6 billion pound ($49.18 billion) mining merger, a person familiar with the matter told Reuters on Saturday.
* Spot silver rose 0.4% to $31.81 per ounce, platinum was up 0.2% at $1,056.15 and palladium gained 0.4% to $992.50.
DATA/EVENTS (GMT) 1000 France Unemp Class-A SA April 1400 US Consumer Confidence May.
