BENGALURU- Gold prices steadied on Thursday after falling to a two-week low in the previous session, while investors awaited US inflation data for insights into how soon the Federal Reserve will cut interest rates.
Spot gold unchanged at $2,299.55 per ounce. Bullion fell to its lowest since June 10 on Wednesday.
US gold futures fell 0.1 percent to $2,310.20.
The dollar hovered near a eight-week high, making bullion more expensive for other currency holders, while benchmark 10-year yields also held firm.
“The ascent by the US dollar accompanied by rising bond yields have left the gold price swimming against the tide,” said Tim Waterer, chief market analyst at KCM Trade.
Fed Governor Michelle Bowman on Wednesday reiterated her baseline view that “inflation will decline further with the policy rate held steady,” and that rate cuts will “eventually” be appropriate if inflation does move sustainably toward 2 percent .
Data due this week include the US first-quarter gross domestic product estimates and the personal consumption expenditures (PCE)inflation data on Friday.
