PRECIOUS-Gold holds steady as investors await US economic data
By Sarah Qureshi
June 25 (Reuters) - Gold prices were steady on Wednesday as market participants remained cautious ahead of key U.S. economic data, while the ceasefire between Iran and Israel weighed on safe-haven demand.
Spot gold XAU= was up 0.1% at $3,326.96 per ounce at 1219 p.m. EDT (1619 GMT) after prices hit their lowest in over two weeks in the previous session.
U.S. gold futures GCcv1 rose 0.2% to $3,340.80.
With all the momentum and potential in the markets, the factors that typically drive gold never pushed it to new highs, said Daniel Pavilonis, senior market strategist at RJO Futures
"So, I think the path is now more to the downside; it may hit $2,900 if things don't escalate in the Middle East."
U.S. President Donald Trump revelled in the swift end to war between Iran and Israel, saying he now expected a relationship with Tehran that would preclude rebuilding its nuclear programme.
Wall Street's S&P 500 and Nasdaq indexes rose on Wednesday, hovering near a record peak. .N
Federal Reserve Chair Jerome Powell in his second day of congressional testimony reiterated that the central bank doesn't need to be in a rush to cut interest rates due to uncertainty over the impact of the still-unresolved tariff debate.
In May, Trump paused his sweeping trade tariffs until July 9 to allow Washington to negotiate compromises with multiple countries.
However, Powell added, "I think if it turns out that inflation pressures remain contained, we will get to a place where we cut rates sooner than later."
The market currently sees an over 85% chance of a rate cut in September. FEDWATCH
Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment.
Traders are also awaiting U.S. GDP and jobs data due on Thursday, and the Personal Consumption Expenditures (PCE) data on Friday to gauge the Fed's future policy path.
Elsewhere, spot silver XAG= gained 0.4% to $36.04, platinum XPT= rose 0.9% to $1,328.67, while palladium XPD= fell 0.6% to $1,060.00.
Related Articles
Telemedicine and Telehealth Stocks to Watch in 2026
TradingKey - The healthcare system was one of the first industries to go through a major transformation; now, investors are watching closely. Every day, we see new technology being created for diagnosing and treating diseases. The method of delivery in allowing patients access to care has changed al
How Bitcoin Miners Are Scaling Revenue Through AI Data Center Integration
Discover how Bitcoin miners like Core Scientific and IREN are scaling revenue by pivoting to AI data centers. Explore 2026 hashprice trends, ASIC-to-GPU retrofitting, and the "hashrate-to-HPC" revolution.
Nikkei Index Heading Toward 60,000? Why Is Global Capital Betting on Sanae Takaichi? Will Japan’s Stock Market Continue to Hit New Highs in 2026?
TradingKey - In February 2026, the Tokyo stock market once again became the epicenter of global financial markets. Following a landslide victory by the Sanae Takaichi-led Liberal Democratic Party in the Lower House elections, the Nikkei 225 Index hit consecutive record highs within just a few days, targeting the 60,000-point milestone.
Stock Market Crash 2026: What Fed Signals and Economic Data Mean for Investors
TradingKey - The possibility of a stock market crash occurring in 2026 is becoming increasingly likely as investor sentiment continues to decline.
New Fed Chair Warsh Takes Office: Major Shift in Monetary Policy? US Dollar Short-Term Rebound, 2026 Investment Strategy Analysis
TradingKey - At the start of 2026, global financial markets witnessed a major leadership change as U.S. President Trump officially nominated Kevin Warsh as the next Federal Reserve Chair. Pending Senate confirmation, he will succeed Jerome Powell this May to lead the world’s most influential central bank.
