Gold prices steady as traders assess US economic data
Gold prices remained stable in Asia as investors analysed recent U.S. data that implied weak economic activity and its possible effect on the Federal Reserve's interest rate projections. Spot gold held firm at $2,016.86 per ounce by 0021 GMT. In spite of ascending due to a surge in weekly jobless claims and the smallest annual increase last month, gold lost its appeal as the U.S. dollar gained strength. Moreover, the world's biggest gold-backed exchange-traded fund, SPDR Gold Trust GLD, recorded a 0.12% decline in holdings.
Gold prices remained stable in Asia as investors analysed recent U.S. data that implied weak economic activity and its possible effect on the Federal Reserve's interest rate projections. Spot gold held firm at $2,016.86 per ounce by 0021 GMT. In spite of ascending due to a surge in weekly jobless claims and the smallest annual increase last month, gold lost its appeal as the U.S. dollar gained strength. Moreover, the world's biggest gold-backed exchange-traded fund, SPDR Gold Trust GLD, recorded a 0.12% decline in holdings.
