(MENAFN) In early trading on Monday in Asia, Gold prices remained steady, bolstered by data indicating a decline in inflation in the United States, which has fueled expectations that the US Federal Reserve may begin cutting interest rates this year. Spot gold remained relatively unchanged at USD2,323.74 per ounce by 0022 GMT, marking a more than 4 percent increase in the second quarter. Meanwhile, US gold futures saw a slight decline of 0.3 percent, settling at USD2,333.
The stability in gold prices comes after data released on Friday showed that US prices were unchanged in May, while consumer spending experienced moderate growth. This trend suggests that the US central bank may be moving closer to implementing interest rate cuts this year. Lower interest rates are beneficial for gold, as they reduce the opportunity cost of holding this non-yielding asset.
In the broader precious metals market, silver experienced a 0.3 percent decline in spot transactions, falling to USD29.05 per ounce. Platinum prices remained stable at USD993.60, while palladium saw a modest increase of 0.2 percent, rising to USD974.50 per ounce.
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