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 for policy cues...
U.S. gold futures dipped 0.1% to $2,123.90...
Londons gold price benchmark hit a record high of $2,098.05 per troy ounce 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...
Market focus now turns to 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 Feds 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, Teves said.. Spot platinum fell 0.6% to $891.95 per ounce, and palladium dropped 1.3% to $947.80, and silver fell 0.3% to $23.83...
