Gold range-bound as mkt focuses on US economic data

Gold prices crept higher on Thursday, but traded in a relatively tight range as investors looked to US economic data for further clarity on the Federal Reserve's next monetary move, reports Reuters.

Spot gold was up 0.2 per cent at $2,033.98 per ounce, as of 1035 GMT, trading in a narrow $9 range in the session so far. US gold futures fell 0.1 per cent to $2,045.70.

If US data this week reinforces the view that the Fed will soon start cutting rates, then gold will gain but in the case of stronger data then the Fed is likely to keep rates higher for longer, said Ricardo Evangelista, senior analyst at ActivTrades.

"We will see the unwinding of the restrictive monetary policies of the major central banks, so 2024 will be a positive year for gold."

Lower interest rates decrease the opportunity cost of holding non-yielding bullion.

Among other metals, spot silver gained 0.3 per cent to $24.20 per ounce, while platinum edged down 0.2 per cent to $955.23 and palladium fell 0.3 per cent to $1,192.34.k