October 13 (Businesshala) – Gold held steady on Wednesday as investors awaited US inflation data and minutes of the Federal Reserve’s final policy meeting to see when the central bank would begin to roll back its pandemic stimulus.
* Spot gold was flat at $1,760.46 an ounce as of 0015 GMT. US gold futures rose 0.1% to $1,761.20.
* Three Fed policymakers said on Tuesday that the economy has recovered enough for the central bank to withdraw its crisis-era support, reinforcing expectations that the Fed will reduce its monthly bond purchases as soon as next month. will start reducing.
* Lower central bank incentives and higher interest rates boost government bond yields, which translates into a higher opportunity cost for holding no-interest gold.
* As inflationary pressures mount around the world, money markets are aggressively raising interest rates with pricing, in most cases stipulating that policy will soon be tightened and rate-setters compared signals at a very high speed.
* Persistent supply chain disruptions and inflationary pressures are hindering the global economy’s recovery from the COVID-19 pandemic, the International Monetary Fund said as it cut the growth outlook for the United States and other major industrial powers.
* The number of Americans voluntarily quitting jobs hit a record high in August and there were more than 10 million vacancies, pointing to a tight labor market.
* Spot silver rose 0.1% to $22.54 an ounce, while platinum fell 0.1% to $1,006.05. Palladium rose 0.1% to $2,047.80 an ounce. Data/Events (GMT) 0600 UK GDP Est 3M/3M Aug 0600 UK GDP Estimate MM, YY Aug 0600 UK Manufacturing Output MM Aug 0600 Germany HICP Final YY Sep 1230 US CPI MM, SA Sep 1800 US Federal Open Market Committee will release. Minutes from its policy meeting of September 21-22 n/a China Exports, Imports YY September n/a China Trade Balance September (Reporting by Swati Verma in Bengaluru; Editing by Subhranshu Sahu)