 "gold price")
Gold prices held steady on Monday as investors waited for the Federal Reserve policy meeting and U.S. non-farm payrolls data due this week for policy clues.
Spot gold was unchanged at $2,338.08 per ounce by 0932 GMT, holding slightly above its 21-day moving average of $2,336.
Gold fell by 2.2% last week amid fading expectations for early U.S. interest rate cuts this year. Investors are now only confident about a single cut this year, most likely in November, according to the CME's FedWatch tool. [FRX/]
"Gold bulls bought into last week's weakness, protecting an elevated long established at much lower levels," said Ole Hansen, head of commodity strategy at Saxo Bank.
Before last week's fall, five previous weeks of growth saw gold hitting a record high of $2,431.29 on April 12, amid strong purchases by central banks and demand from Chinese retail investors amid a weaker yuan currency.
Also Read
"A seasonal pullback in (Chinese) regional demand is probable into mid-2024, but a structurally stronger consumption trend via the retail and PBOC (People's Bank of China) channel is supportive of a higher gold price floor," Citi said in a note.
Its base case scenario sees gold hitting $3,000 over the next 12-15 months.
Markets are focusing on the Fed's policy meeting from April 30 to May 1 and the U.S. non-farm payroll data due on Friday. The Fed is seen holding its benchmark interest rate steady at 5.25% to 5.5% at this meeting.
Spot silver rose 0.8% to $27.37 per ounce. The metal fell by 5.2% last week before finding buy-side support at below the $27.00 mark, said Frank Watson, market analyst, Kinesis Money.
Spot platinum was up 1.3% to $927.70, while palladium added 0.2% to $956.32.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
