Jan 31 (Reuters) - Gold prices were on track for their first monthly decline in four as investors toned down their estimate of rapid and deeper rate cuts in the U.S. on the face of a resilient economy, and awaited remarks from the Federal Reserve due later in the day. FUNDAMENTALS * Spot gold was flat at $2,035.09 per ounce by 0141 GMT on Wednesday, after touching a two-week high of $2048.12 in the previous session. * Spot prices have dropped 1.3% so far this month. * U.S. gold futures rose 0.2% to $2,034.60. * Traders priced in about 130 basis points (bps) of Fed rate cuts for this year, down from bets of more than 160 bps at the end of 2023, according to LSEG's interest rate probability app IRPR. * Money market pricing shows that the chances of a March rate cut have dropped to 43%, from about 90% a month ago. * The dollar index was on track to mark its best month since September, with an over 2% gain so far in January. * Yields on benchmark U.S. Treasury notes were at a two-week low of 4.0261%, but still higher than the year-end close of 3.8600%. * Market focus will shift to Fed's statement at the end of its two-day policy meeting at 1900 GMT, where it is expected to leave rates unchanged, which is followed by a news conference by Chair Jerome Powell at 1930 GMT. * Data on Tuesday showed that U.S. job openings unexpectedly rose in December while U.S. consumer confidence increased to a two-year high in January. * Spot silver fell 0.2% lower to $23.12 per ounce, platinum was steady at $920.57, and palladium edged 0.1% lower to $975.49. All three were also poised for a monthly decline. DATA/EVENTS (GMT) 0130 China NBS Manufacturing PMI Jan 0500 Japan Housing Starts Dec 0700 UK Nationwide house price Jan 0745 France CPI Prelim Jan 0830 Hong Kong GDP Advance Q4 0855 Germany Unemployment rate Jan 1300 Germany CPI Prelim Jan 1315 US ADP National Employment Jan 1330 US Employment Costs Q4 1330 Canada GDP MM Nov 1445 US Chicago PMI Jan 1900 US Fed Funds Tgt Rate -- 1930 US Fed's Powell speaks -- (Reporting by Harshit Verma in Bengaluru; Editing by Sherry Jacob-Phillips)
Real-time Estimate TTMZero 17:13:25 03/06/2024 BST | 5-day change | 1st Jan Change | ||
1.089 USD | +0.32% | +0.71% | -1.32% |
05:15pm | Rates: Which rate cut? | |
11:43am | SocGen's Overnight Economic News Summary | MT |
Stocks mentioned in the article
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Change
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5d. change
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Capi.
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2,798 PTS | +0.92% | +1.57% | - | ||
2,343 USD | +0.73% | +0.40% | - | ||
1,499 PTS | +0.87% | +1.14% | - | ||
925.8 USD | +1.29% | -4.48% | - | ||
30.51 USD | +0.40% | +0.54% | - | ||
1.279 USD | +0.33% | +0.78% | - | ||
1.089 USD | +0.32% | +0.71% | - | ||
0.7337 USD | -0.00% | +0.77% | - | ||
0.6681 USD | +0.39% | +1.24% | - | ||
0.6182 USD | +0.56% | +1.41% | - | ||
0.012 USD | +0.42% | 0.00% | - | ||
- PTS | -.--% | +1.02% | - | ||
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