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Gold prices were largely steady on Wednesday as traders awaited further indications on the size of the rate cut. Benefit which the council may submit Federal Reserve (US Federal Reserve) in September.
Spot gold rose 0.22% to $2,394 per ounce at the time of writing, while US gold futures rose 0.05% to $2,432.70.
Dollar
The index rose Dollar The index, which measures the performance of the US currency against a basket of six major currencies, rose 0.25%, making the US-denominated precious metal more expensive for buyers abroad. The 10-year US Treasury note also rose.
“It's a very noisy market right now, and gold is not moving much on its own fundamentals because of the volatility in the markets in general and the currency markets in particular,” said Kyle Rodda, a financial markets analyst at Capital.com.
Traders revised their expectations for a U.S. interest rate cut after a weak jobs report last week, expecting a rate cut of about 105 basis points by the end of the year.
But the CME Group's FedWatch tool showed markets also now see a 65% chance of the Fed cutting rates by 50 basis points in September, compared with 85% yesterday.
Limited decline
IG analyst Yip Rong said gold's decline could be limited by ongoing tensions in the Middle East and global recession fears, as markets await more economic data to clarify the situation in the United States.
The US Secretary of State said Anthony Blinken -Yesterday, Tuesday- The United States conveyed a message to Iran AndIsrael That the conflict in the Middle East should not be escalated, but the Defense Department (The Pentagon) warned that it would not tolerate attacks on US forces in the region.
As for other precious metals, silver settled in spot transactions at $26.97 per ounce, platinum rose by about 0.85% to $919.9, and palladium rose by 1.47% to $887.44.
