Weak economic data raises concerns about pace of US rate hikes

Image Credit: Google  Image Credit: Google 

Gold prices were little changed on Thursday as the market awaited fresh clues on the pace of U.S. interest rate hikes this year. 

Image Credit: Google 

With a batch of data due later in the day likely to provide more insight into the strength of the world's largest economy.

Image Credit: Google 

Spot gold was nearly unchanged at $1,313.81 per ounce by 0057 GMT, after climbing to a one-week high of $1,316.50 on Wednesday. 

Image Credit: Google 

U.S. gold futures for June delivery were up 0.1 percent at $1,313.70 per ounce.

Image Credit: Google 

The market is waiting for direction from the release of inflation data later in the day, which will give more clues about the outlook for interest rates.

Image Credit: Google 

"The market is still lacking a clear direction as participants remain uncertain about the Fed's rate hike trajectory this year," ANZ said in a note.

Image Credit: Google 

"Today's inflation data will be closely watched."

Image Credit: Google 

A batch of weak economic data has raised concerns about the pace of U.S. rate hikes this year, with the Fed holding rates steady at its last meeting in March.

Image Credit: Google 
Image Credit: Google 

The U.S. central bank has penciled in two more rate hikes for this year, 

Image Credit: Google 

But Traders Are Betting That It Might Not Tighten Policy As Much As Previously Thought.

Image Credit: Google 

Check Out 7 Best Gold IRA Companies With The Highest ROI In 2022

Click Here