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Gold Prices Steady Near $3,180 Ahead of Key U.S. Economic Data

Gold prices recovered from early losses on Thursday, holding steady at $3,179.07 per ounce as the U.S. dollar weakened. Analysts attribute this recovery to short-covering and technical support near the $3,130 level, a key trendline since early 2024.

The recent U.S.-China agreement to reduce tariffs has somewhat decreased gold’s appeal as a safe haven. Investors are now focused on upcoming U.S. producer price data and Federal Reserve Chair Powell’s speech for clues about potential interest rate cuts.

Markets currently anticipate 50 basis points in rate reductions this year, likely beginning in October. In other metals news, Johnson Matthey reports that the palladium market is expected to shift from deficit to balance in 2024, with demand falling 6% due to decreased gasoline vehicle production and increased recycling in China.

Original Source: Reuters

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