Mumbai, 3 Jul (Commoditiescontrol): Gold prices ticked up on Wednesday, supported by a weakening U.S. dollar, as investors awaited minutes from the Federal Reserve's latest policy meeting for hints on the timing of potential interest rate cuts.
Spot gold increased by 0.1% to $2,331.41 per ounce, while U.S. gold futures climbed 0.3% to $2,340.50 per ounce. The dip in the U.S. dollar made gold more affordable for buyers holding other currencies.
Federal Reserve Chair Jerome Powell indicated on Tuesday that the U.S. is returning to a "disinflationary path." However, he emphasized that policymakers need additional data before reducing interest rates to ensure that the recent lower inflation readings accurately reflect the economy's condition. Lower interest rates decrease the opportunity cost of holding non-yielding assets like gold.
Traders are currently factoring in about a 67% chance of a Fed rate cut in September, according to the CME FedWatch Tool.
Data showed U.S. job openings rose in May following significant declines in the previous two months, aligning with an overall easing in labor market conditions. The minutes from the Fed's June policy meeting are expected at 1800 GMT. Additional jobs data, including ADP employment and weekly jobless claims, are due later in the week, with non-farm payrolls scheduled for release on Friday.
Other precious metals also saw movements: spot silver rose 0.2% to $29.56 per ounce, platinum added 0.6% to $996.64, while palladium dropped 0.8% to $978.80.
In industry news, South Africa's Impala Platinum reported a strike at its recently acquired Bafokeng operations in Rustenburg on Tuesday. The strike involves contractors demanding permanent positions.
(By Commoditiescontrol Bureau: 09820130172)
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