GOLD was little changed on Wednesday (Nov 27), as investors awaited US inflation data for clues on the scale of a possible Federal Reserve rate cut next month.
Spot gold was flat at US$2,630.59 per ounce, as at 0015 GMT. Bullion hit its lowest level since Nov 18 on Tuesday.
US gold futures rose 0.4 per cent to US$2,630.70.
Minutes from the Nov 6 to 7 Fed meeting revealed officials were divided on further rate cuts, with many supporting a gradual easing of policy restraint.
Additionally, US consumer confidence increased to a 16-month high in November amid optimism over the labour market, expectations for lower inflation and higher stock prices over the next year.
On the geopolitical front, a US-France brokered ceasefire between Israel and Iran-backed group Hezbollah that will take effect on Wednesday, President Joe Biden announced.
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Gold is traditionally seen as a safe investment during economic and geopolitical uncertainty such as trade wars.
According to the CME Group’s FedWatch Tool, markets currently sees a 63.2 per cent chances of a 25-basis-point rate cut by the US Federal Reserve in December, which would be the third cut this year.
Traders are keeping a close watch on initial jobless claims, GDP (first revision) and core PCE figures set for release later in the day.
Elsewhere, China’s net gold imports via Hong Kong in October fell from September and were down 43 per cent from the previous year, data showed.
Spot silver was slightly changed at US$30.41 per ounce, platinum was steady at US$928.25 and palladium rose 0.03 per cent to US$977.47.
Meanwhile, the global platinum market will face a structural deficit in 2025 for the third year, as constrained mine supply offsets increased recycling and a 1 per cent demand drop, the World Platinum Investment Council said. REUTERS
