Gold settles above $1,980 ahead of economic data

Gold prices held steady today, March 30, as investors continued to assess global regulators' control over the recent banking crisis while monitoring the release of US economic data that may affect the Federal Reserve’s upcoming monetary policy decision.

Michael Barr, the Fed’s Vice Chair for Supervision, said the central bank’s next interest-rate move will come in accordance with the market conditions coinciding with the forthcoming June 13-14 meeting.

In terms of trading, gold for June delivery settled at $1,984.10 an ounce at 11:36 am Makkah time, with spot prices up 0.16% to $1,967.85 per ounce.

Similarly, silver futures for May delivery advanced 1.42% to $23.80 per ounce.

Further, platinum spot prices climbed 0.44% to $975.40 an ounce, while those of palladium kept flat at $1,441.09 per ounce.

All eyes are on the release of several US economic readings, which may contribute to assessing market prospects, especially the expected monetary policy.

Today, the third estimate of gross domestic product (GDP) for 2022 and the fourth quarter of the year will be issued. Meanwhile, jobless claims and the Personal Consumption Expenditures Price Index reading are likely to be out tomorrow, March 31.