WASHINGTON: Gold prices remained largely steady in global markets on Tuesday as investors awaited fresh signals on the future path of US interest rates. Expectations that borrowing costs could remain elevated for an extended period continued to weigh on the precious metal.
Spot gold was little changed at $4,344.29 per ounce, while US gold futures also remained broadly stable at $4,381.80 per ounce.
Market participants are now closely watching comments from US Federal Reserve officials for clues about the central bank’s next policy moves. Investors are particularly focused on whether the Fed could signal further changes in interest rates in the coming months.
Higher interest rates generally put pressure on gold because the precious metal does not generate interest or other regular yields. As borrowing costs remain high, investors may instead favour interest-bearing assets.
Meanwhile, other precious metals moved higher in global markets.
Spot silver gained 0.3% to $66.19 per ounce, while platinum also advanced 0.3% to $1,792.76 per ounce.
Palladium rose 0.3% to $1,305.10 per ounce.
Investors continue to monitor a combination of US interest-rate expectations, inflation trends and broader global economic and geopolitical developments as they assess the outlook for precious metals.
