Gold steady as investors await US economic data

Gold bars

Gold futures held steady on Wednesday as investors awaited key US economic data, after Federal Reserve officials reiterated their cautious stance on monetary policy, citing risks from trade tensions and economic uncertainty.

August gold futures were little changed at $3,378.8 an ounce in early trading.

Spot gold slipped 0.1%, or $3.12, to $3,350.31 an ounce by 08:25 a.m. Mecca time.

The US dollar index, which tracks the greenback against a basket of six major currencies, rose 0.1% to 99.31.

Silver futures for July delivery were flat at $34.62 an ounce. Spot palladium dropped 0.75% to $1,005.68, while spot platinum edged up 0.25% to $1,082.35.

The moves come after Chinese Foreign Minister Wang Yi told the US ambassador in Beijing on Tuesday that Washington should create the conditions necessary for bilateral ties to return to the right track, according to Reuters.

Markets are now focused on the release of the Federal Reserve’s Beige Book later in the day, which will offer insight into US economic activity since mid-April, as well as the ADP private payrolls report.