Gold prices muted as investors eye Fed, inflation data

Gold prices remained largely unchanged in Asian trading on Thursday, hovering well below recent highs, as reported by Investing.com financial platform.

Investors are cautious ahead of key statements from Federal Reserve officials and upcoming inflation data.

Spot gold prices edged slightly higher by 0.2 per cent to $2,313.51 per ounce, while gold futures for June delivery dipped 0.1 per cent to $2,320.60 per ounce by early Thursday morning ET.

While gold prices remained muted, other precious metals saw some gains on Thursday. Platinum futures rose 0.7 per cent, and silver futures added 0.5 per cent.

Industrial metal copper prices also rose slightly on Thursday, but remained significantly below their recent two-year highs. This came after weak Chinese import data raised concerns about future demand for the metal.

China, the world’s biggest copper importer, saw a rise in overall imports in April, but copper imports specifically softened due to recent price increases. This data tempered some optimism about strong demand growth.