Gold remains steady amid mixed U.S. economic data

Shafaq News / Gold prices were steady on Monday after mixed U.S. economic data last week left traders looking for more clues on the pace and scale of the Federal Reserve's interest rate cuts, with focus now shifting to a key inflation print due later this week.

U.S. gold futures GCcv1 rose 0.1% to $2,051.10 per ounce.

Trading was thin in Asia, with the Japanese market remaining closed for a holiday.

The dollar index .DXY was also steady, after marking its best week since July 2023 on Friday, making bullion more expensive for other currency holders, while benchmark U.S. 10-year Treasury yields US10YT=RR, held above 4%.

U.S. employers hired more workers than expected in December, official data showed, but separate data from the Institute for Supply Management (ISM) indicated that the services sector slowed considerably last month.

Market participants are pricing in about a 64% chance of a rate cut by the U.S. central bank in March, according to the CME FedWatch tool.

(Reuters)