Gold steadies ahead of China's third-quarter GDP data, Fed signa
Updated
Gold prices steadied following early-week declines, as market jitters over upcoming US economic signals and remarks from Federal Reserve officials affected global markets. The precious metal saw a surge amid the Israel-Hamas conflict, driven by investors seeking safe havens. However, this trend reversed later in the week due to stronger-than-expected US inflation data, sparking concerns about higher interest rates.
The immediate de-escalation of the conflict reduced short-term demand for safe-haven assets, and the US dollar found stability near its 11-month high.
The most active gold futures contract on the New York Comex, December delivery, edged up by $1.40, or 0.07%, to $1,935.70 per ounce, recovering from the day's low of $1,924.85.
Spot gold, closely monitored by traders, rose by 0.2% to $1,924.50, up $4.28, at 15:33 ET (19:33 GMT). Its intraday low was $1,912.44. Among industrial metals, copper prices reversed recent gains on Tuesday as markets dipped ahead of key economic data releases from China this week.
Copper futures closed down 0.1% at $3.5820 per pound in New York trading.
China's Q3 gross domestic product (GDP) data, released on Wednesday, was anticipated to show a continued slowdown in the world's largest copper-importing nation.
Industrial production data for September, also set for Wednesday release, was expected to highlight persistent weaknesses in this sector, a significant driver of China's copper demand.
However, the copper price rally received a boost from quarterly production figures from major mining company Rio Tinto Ltd . The company reported slightly stronger iron ore and copper shipments, reflecting steady demand in China.
The immediate de-escalation of the conflict reduced short-term demand for safe-haven assets, and the US dollar found stability near its 11-month high.
The most active gold futures contract on the New York Comex, December delivery, edged up by $1.40, or 0.07%, to $1,935.70 per ounce, recovering from the day's low of $1,924.85.
Spot gold, closely monitored by traders, rose by 0.2% to $1,924.50, up $4.28, at 15:33 ET (19:33 GMT). Its intraday low was $1,912.44. Among industrial metals, copper prices reversed recent gains on Tuesday as markets dipped ahead of key economic data releases from China this week.
Copper futures closed down 0.1% at $3.5820 per pound in New York trading.
China's Q3 gross domestic product (GDP) data, released on Wednesday, was anticipated to show a continued slowdown in the world's largest copper-importing nation.
Industrial production data for September, also set for Wednesday release, was expected to highlight persistent weaknesses in this sector, a significant driver of China's copper demand.
However, the copper price rally received a boost from quarterly production figures from major mining company Rio Tinto Ltd . The company reported slightly stronger iron ore and copper shipments, reflecting steady demand in China.
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