Gold prices steady as traders brace for US inflation report
Gold prices were steady on Tuesday, as investors maintained a cautious stance ahead of key U.S. inflation data, which could provide more insight into the Federal Reserve's policy trajectory.
FUNDAMENTALS
* Spot gold held its ground at $2,351.39 per ounce, as of 0110 GMT, after climbing 1% in the previous session.
* U.S. gold futures were up 0.8% at $2,352.30.
* Investors are now waiting for the April reading on the personal consumption expenditures (PCE) price index, the U.S. central bank's preferred inflation gauge, which is due on Friday.
* Traders' bets signalled growing doubts that the Fed will cut rates more than once in 2024, currently pricing in about a 63% chance of a rate cut by November, according to the CME FedWatch Tool.
* Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
* China's net gold imports via Hong Kong slumped 38% in April from the previous month, Hong Kong Census and Statistics Department data showed.
* Vietnam's central bank will stop auctioning gold in the domestic market and launch a measure to stabilise prices of the precious metal, it said.
* The Porgera Mine in Papua New Guinea is operating without restriction, operator Barrick Gold Corp said, adding the mine has sufficient fuel on site to operate normally for 40 days.
* Elsewhere, an Israeli airstrike triggered a fire that killed 45 people in a tent camp in the Gazan city of Rafah, prompting an outcry from global leaders who urged the implementation of a World
