Gold prices were flat on Wednesday as investors awaited the Federal Reserve’s policy meeting minutes for clues on potential interest rate cuts. Spot gold held at $2,331.97 per ounce, while U.S. gold futures gained 0.3% to $2,340.20.
Marex analyst Edward Meir noted that gold has been steady, anticipating a potential price rise later this year. Fed Chair Jerome Powell indicated the U.S. is on a “disinflationary path” but needs more data before cutting rates.
Upcoming ADP employment, weekly jobless claims data, and the nonfarm payrolls report are on investors’ radar. Tim Waterer, chief market analyst at KCM Trade, mentioned that the NFP release could shift rate-cut expectations.
Spot silver rose 0.4% to $29.63 per ounce, platinum climbed 0.7% to $997.85, and palladium declined 0.7% to $1,014.64 after hitting a one-week high.