Gold price today: Check gold rates forecast, factors to watch out

Gold prices were steady on Wednesday as safe-haven demand countered a slight recovery in the U.S. dollar while markets await U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for clues on the U.S. central bank's policy outlook, as per a Reuters report.

Spot gold was steady at $2,644.48 an ounce by 1100 (GMT). U.S. gold futures were down 0.1 per cent at $2,666.30, Reuters reported.

The dollar index reflected strength that makes dollar-priced bullion costlier for buyers with other currencies.


"Gold prices have been weighed down by the stronger dollar narrative, though still supported by safe-haven bids, in light of the latest bouts of political turmoil in South Korea and France," said Exinity Group Chief Market Analyst Han Tan.

"Spot gold may continue trading within the $2,600-$2,700 range unless the incoming NFP and CPI figures drastically alter the odds of a Fed rate cut on December 18," Tan added.

Traders see a 74 per cent chance of the Fed reducing interest rates by 25 basis points, CME Group's FedWatch Tool shows.

U.S. central bankers on Tuesday expressed confidence in declining inflation and hinted at support for future rate cuts without committing to immediate action.

The appeal of non-yielding bullion increases when interest rates are low.

Spot silver fell 0.6 per cent to $30.83 an ounce, platinum lost 1.4 per cent to $939.60 and palladium was down 1.19 per cent at $960.39.

FAQs

Q1. What are current prices of Gold?
A1. Spot gold was steady at $2,644.48 an ounce by 1100 (GMT). U.S. gold futures were down 0.1 per cent at $2,666.30, Reuters reported.

Q2. What are prices of Silver, Platinum?
A2. Spot silver fell 0.6 per cent to $30.83 an ounce, platinum lost 1.4 per cent to $939.60 and palladium was down 1.19 per cent at $960.39.