Gold prices steady as traders assess US economic data
Gold prices were steady in early Asian trade on Friday as investors assessed recent U.S. data that signalled a slowing economy and its impact on the Federal Reserve’s interest rate trajectory.
Spot gold held its ground at $2,016.86 per ounce by 0021 GMT after ending lower in the previous session. U.S. gold futures edged 0.1% higher at $2,021.80.
Gold prices rose on Thursday after data showed a jump in weekly jobless claims and the smallest annual increase in producer prices last month in over two years. But lost its allure as the U.S. dollar gained upper hand, making bullion more expensive for overseas buyers.
A debt limit meeting between U.S. President Joe Biden and top lawmakers that had been scheduled for Friday has been postponed, and the leaders agreed to meet early next week, a White House spokesperson said on Thursday.
Large U.S. lenders will bear most of the cost of replenishing a deposit insurance fund that was drained of $16 billion by the collapse of Silicon Valley Bank and two other lenders, although mid-sized banks will also be on the hook, the Federal Deposit Insurance Corporation said on Thursday.
This report’s information was first seen on ZAWYA; to read more, click this link.