Friday, 14 June 2024 07:39 WIB | GOLD |GOLDEMAS

Gold edges higher in early Asian trade in a likely technical correction. Pricesfell overnight on cooler-than-expected U.S. producer price data, the UOB Global Economics & Markets Research team writes in a note.

The Fed’s outlook for fewer rate cuts this year appears to be weighing on gold prices, which continue to face bearish headwinds, analysts at Phillip Nova write in a note. Reports of China’s PBOC halting gold purchases and the Fed’s hawkish stance may prove worrisome for the precious metal in the short term, they add.

Spot gold is 0.1% higher at $2,303.51/oz.

Source : Dow Jones Newswires