Gold prices steady as investors await fed minutes and US economic data

Spot gold was stable at $2,639.45 per ounce by 0530 GMT, while U.S. gold futures dipped 0.2% to $2,661.80.

Gold prices were little changed on Tuesday as market participants awaited the minutes of the latest Federal Reserve policy meeting and economic data for insights on the U.S. interest rate path. Spot gold was stable at $2,639.45 per ounce by 0530 GMT, while US gold futures dipped 0.2% to $2,661.80.

Tim Waterer, KCM Trade's chief market analyst, noted that a stronger dollar and rising bond yields have weighed on gold. However, geopolitical tensions, such as Hezbollah's recent rocket fire at Haifa, offer support to gold's safe-haven appeal.

Investors are closely watching the US Consumer Price Index data due Thursday and Producer Price Index figures on Friday. Several Federal Reserve officials are also scheduled to speak this week, adding to the market's focus on potential policy shifts.

Elsewhere, spot silver dropped nearly 1% to $31.40 per ounce, platinum declined 0.7% to $964.95, and palladium slid 2.3% to $1,001. Additionally, China expressed confidence in achieving its 2024 economic targets, with funding from the 2025 budget being brought forward to support various projects.