Gold prices steady as investors await economic data

The price of gold remained stable on Monday, unchanged, as investors awaited US data to obtain more evidence of the Federal Reserve’s moves during the coming period.

According to CNN, investors are looking for clues about when the Federal Reserve (the US central bank) may begin adopting a more lenient policy on interest rates this year.

The spot gold price did not change, remaining at $2,326.86 per ounce by 01:09 GMT, and US gold futures rose 0.1 percent to $2,347.40.

Investors pointed to bets on the Fed that it may make its first rate cut in September, after data showed that inflation may have made slight progress toward the Fed’s 2% target last month.

Gold is known as a hedge against inflation, but high interest rates increase the opportunity cost of holding non-yielding gold.

The US PMI reading is expected later today.

Silver decreased in spot transactions by about 0.1% to $30.36 per ounce, platinum rose 0.3% to $1041.20, and palladium did not change, remaining at $912.73.