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Gold prices on Thursday steadied near a two-month high hit in the previous session, with higher US Treasury yields preventing any gains amid caution building around developments at the US Federal Reserve's meeting due next week.

Fundamentals

  • Spot gold was flat at $1,839.36 per ounce as of 0031 GMT, steadying near its highest since Nov. 22. US gold futures were down 0.1% at $1,840.60.

  • Gold saw its best session in three months on Wednesday as a retreat in the dollar and geopolitical tensions surrounding Ukraine lifted safe-haven appeal, sparking a rally in precious metals.

    • Benchmark US 10-year Treasury yields were higher on Thursday, lightly pressuring gold.

Gold off one-week lows, US rate hike bets reign in gains

  • The US Federal Reserve will tighten monetary policy at a much faster pace than thought a month ago to tame persistently high inflation, now viewed by economists polled by Reuters as the biggest threat to the US economy over the coming year.

  • The US central bank's Federal Open Market Committee is scheduled to meet on Jan. 25-26.

  • Although gold is considered an inflationary hedge, the metal is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-interest bearing bullion.

  • Strong US and European corporate results could not stop a slide on Wall Street, as rising crude prices kept inflation concerns alive.

  • Inflation in Britain rose faster than expected to its highest in nearly 30 years in December, intensifying a squeeze on living standards and putting pressure on the Bank of England to raise interest rates again.

  • Spot silver was down 0.1% at $24.09 an ounce, platinum edged 0.1% higher to $1,022.60, and palladium fell 0.4% to $1,992.71.

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