Key Points
(Reuters) Gold prices steadied near a three-month peak on Tuesday, supported by subdued U.S. manufacturing and construction spending, as investors awaited testimony from Federal Reserve Chair Jerome Powell and key jobs data later this week...
Meanwhile, U.S. gold futures edged 0.2% lower to $2,121.60...
Londons gold price benchmark hit an all-time high of $2,098.05 per troy ounce at an afternoon auction on Monday.. This rally in gold was triggered by the softer-than-expected U.S. data and the pullback in real rates but there has been a general bias to buy dips and a positive underlying investor sentiment towards gold that has also made the market vulnerable to the upside, UBS strategist Joni Teves said.. Data last week showed a further decline in U.S. manufacturing in February, along with a gradual easing of inflation, while consumer sentiment remained weak...
Market focus now turns to Fed Chair Powells two-day congressional testimony on Wednesday and Thursday, in a jobs data-heavy week, as investors seek more clues on the health of the U.S. economy and potential timing of the central banks rate cuts...
Even though gold ETFs have continued to sell, the pace of the selling has been reasonably measured, which suggests these are tweaks to the composition of the investor portfolio rather than investors losing faith in gold necessarily, UBS Teves said.. Spot platinum fell 0.7% to $890.95 per ounce, and palladium dropped over 1% to $950.13...
