WASHINGTON (dpa-AFX) - Gold prices held steady on Thursday after gaining for two consecutive sessions despite a stronger dollar and elevated bond yields.
Spot gold was marginally higher at $2,663.13 in European trade as disappointing Chinese inflation and U.S. President-elect Donald Trump's tariff plans fueled uncertainty. U.S. gold futures were up 0.3 percent at $2,680.51.
The Federal Reserve's hawkish stance on rate cuts is keeping the dollar firm and limiting bullion's upward momentum.
The dollar held steady after the minutes from the Fed's December meeting revealed that officials expect slower rate cuts in 2025 and remain worried about the inflation impacts from Trump's policies.
Amid a healthy labor market, traders now expect the first Fed rate cut this year in either May or June, according to the CME Group's FedWatch Tool.
Fed Governor Christopher Waller said on Wednesday that inflation should continue falling in 2025 and allow the central bank to further reduce interest rates, though at an uncertain pace.
After the release of conflicting reports on the U.S. labor market Wednesday, Friday's closely-watched monthly jobs report is expected to provide additional clarity about the Fed's rate trajectory in 2025.
U.S. markets will remain shut today in observance of a National Day of Mourning for former President Jimmy Carter.
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