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Gold prices hold steady as investors await US Fed policy cues

ByVictoria

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while U.S. gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

“However, the Fed’s commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus,” said David Meger, director of metals trading at High Ridge Futures.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.

Source – Reuters

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    Praying for these people to be rescued. -Victoria

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    Gold up .6%, Silver at $32.44 an ounce

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    Spot gold was up 0.6% to $3,325.20 an ounce at 1134 GMT. The metal has gained 2.5% so far this week. U.S. gold futures were up 0.8% to $3,334.30.

    The dollar index slipped 0.3%, making gold more attractive for holders of other currencies.

    “The exaggerated moves (in gold) suggest there is strong buying on the one hand on economic uncertainty, while strong selling is in evidence as some see the higher prices as an opportunity to take profit,” said Ross Norman, an independent analyst.

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    Source – Reuters