Gold prices steady ----
Tuesday, 11 July 2023
Gold was little changed on Monday as investors awaited US inflation data that could influence the Federal Reserve's policy stance, while palladium prices dropped below the $1,200-per-ounce level for the first time since December 2018, reports Reuters.
Spot gold was steady at $1,923.59 per ounce by 10:10 a.m. EDT (1410 GMT). US gold futures lost 0.2 per cent to $1,928.60.
"Gold has got some strong chart support at $1,900. If inflation remains hot, that might push gold below that level and prices might quickly drop to $1,848 level," said Jim Wyckoff, senior analyst at Kitco.
Meanwhile, palladium dropped 2.9 per cent to $1,208.78 per ounce after hitting a session low of $1,190.65.
Palladium has lost nearly 33 per cent so far this year as the rapid rise of electric vehicles threatens to hammer demand for the autocatalyst metal amid broader economic weakness.