Gold prices remain steady ahead of US data

Uncertainty prevails in the gold market. The US Federal Reserve's cautious approach to interest rate cuts and upcoming employment data from the US are capturing investors' attention. The depreciation of the dollar is keeping the decline in gold prices limited.

The spot price of gold is trading at $3,338, up 0.1 percent. The decline of the dollar index to its lowest levels in recent years makes gold attractive for investors purchasing with other currencies. In Turkey, gram gold is trading at 4,274 liras, rising 0.1 percent due to the increase in the ounce price.

Ilya Spivak, Head of Global Macro at Tastylive, stated that gold has entered a consolidation process following its rise in recent weeks, but the general direction remains upward. Spivak said, "Markets are currently entirely focused on the Fed's stance and the upcoming employment data."

Fed Chair Jerome Powell maintains his cautious stance against US President Donald Trump's demands for interest rate cuts. Powell stated that they are waiting to see the effects of tariffs on inflation and therefore are not proceeding with interest rate cuts.

A legislative package containing President Trump's tax and spending regulations was passed in the US Senate with the support of Republicans. However, this regulation is expected to increase the country's debt burden by 3.3 trillion dollars. While Trump expressed hope regarding a trade agreement with India, he maintains his doubts regarding Japan.

A downward trend is observed in other precious metals. Spot silver fell 0.1 percent to $36.01, and platinum dropped 0.4 percent to $1,344.91. Palladium, on the other hand, rose 0.4 percent to $1,104.92.

News Source: 12punto