Gold edges down _

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FE Team | Published: December 12, 2024 23:59:17

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Gold prices edged down on Thursday, but held near a five-week peak, as risk appetite increased ahead of a European Central Bank monetary policy decision and investors awaited US PPI data for signals on the Federal Reserve's interest rate outlook, reports Reuters.
Spot gold fell 0.3 per cent to $2,709.89 per ounce as of 1210 GMT. US gold futures fell 0.5 per cent to $2,742.50.
Earlier in the session, bullion hit its highest since Nov. 6, supported by bets that the Fed will cut interest rates again next week after Wednesday's consumer prices data.
The report showed a 0.3 per cent rise, the largest gain since April after advancing 0.2 per cent for four straight months.
US inflation data that was in line with forecasts sustained expectations for a rate cut, pushing gold prices higher on Wednesday, but the gains flattened as increased risk appetite accompanied the prospect of lower rates, said Ricardo Evangelista, senior analyst at ActivTrades.