Spot gold was flat at $1,944.96 per ounce, as markets anticipate the Fed’s upcoming policy meeting and fourth-quarter US GDP data
— Gold prices hit a nine-month high on Thursday before trading steady, as investors hunkered down for US economic data that could influence the Federal Reserve’s policy tightening path.
“US GDP data is likely to confirm a slowing US economy. If the view forms that the economy is heading into a recession, then we should see a further shift of funds from equities towards gold and [the] dollar,” said Michael Langford, director at corporate advisory firm AirGuide. Most investors are expecting the Fed to raise rates by 25 basis points at its January 31-February 1 policy meeting. The US central bank slowed its tightening pace to 50 bps last month after four consecutive 75 bps hikes.
Bullion is a non-yielding asset and stands to benefit amid lower rates, as returns on other assets, such as government bonds, are reduced.
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