Gold prices rangebound as dollar reigns before more rate cues
Investing.com-- Gold prices kept to a tight range in Asian trade on Wednesday, as an overnight rebound was largely stalled by strength in the dollar before more key signals on inflation and interest rates.
Traders remained largely biased towards the dollar after dovish signals from the Swiss National Bank and the Bank of England pegged the greenback as the only high-yielding, low-risk currency.data- which is the Fed’s preferred inflation gauge- and comments from top Fed officials later this week also spurred flows into the dollar, especially as traders awaited more cues on U.S. interest rate cuts.
Optimism over Chinese demand also soured in recent sessions as inventory data showed Chinese copper stockpiles remained strong so far in 2024. This offset hopes of a copper supply shock after several major Chinese refiners signaled plans to reduce production.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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