Spot gold remains steady at $1,937.09 per ounce as market focus shifts to fourth-quarter US GDP data and the Federal Reserve’s upcoming policy meeting
— Gold prices traded in a tight range on Wednesday as investors stayed away from taking big bets ahead of US economic growth data this week, while expectations of slower interest rate hikes from the Federal Reserve kept bullion’s outlook bright.
Market focus is now on the fourth-quarter US GDP data due on Thursday, which could set the tone for the Fed's Jan. 31-Feb. 1 policy meeting. Most investors are expecting the Fed to raise rates by 25 basis points at its policy meeting next week. The US central bank slowed its tightening pace to 50 bps last month after four straight 75-bp hikes.
If there are signs that the US economy is slowing and the Fed will soon slow its tightening pace and cut interest rates, then gold could gain, Spivak said.The dollar index slipped 0.1%. A weaker dollar tends to make greenback-priced gold more attractive for buyers holding other currencies.
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