- Gold prices steadied in the early hours of Monday, supported by data showing a decline in inflation in the United States, which boosted hopes that the US Federal Reserve will start cutting interest rates this year.
- Spot gold was little changed at $2,323.74 an ounce, while U.S. futures fell 0.3% to $2,333.
- Data released last Friday showed that U.S. prices were unchanged in May while consumer spending rose moderately, a trend that could bring the U.S. central bank closer to starting to cut interest rates this year.
- Lower interest rates reduce the opportunity cost of holding the non-yielding metal.
- Among other precious metals, spot silver fell 0.3% to $29.05 an ounce, platinum was flat at $993.60, and palladium rose 0.2% to $974.50.
