Gold edges lower as dollar gains, investors await U.S. data for rate-cut clues Gold prices dipped on Wednesday as the dollar edged up, while market participants assessed the timeline for potential U.S. interest rate cuts and were on the lookout for fresh cues for further clarity on monetary policy. Gold dipped slightly on Wednesday, as a stronger dollar weighed on prices, while investors awaited U.S. data for clues on potential rate cuts by the Federal Reserve. Spot gold dropped 0.19% to $2,309.29 per ounce by 1335 GMT. U.S. gold futures for June delivery fell 0.3% to $2,317.00 per ounce. The dollar edged up 0.15% on renewed bets of rate cuts this year. A stronger dollar makes gold unattractive for foreign currency holders. “Market is likely to wait for a catalyst for additional upside, whereas the downside does appear to be capped by the limited participation from money managers,” said Daniel Ghali, commodity strategist at TD Securities. Investors are now awaiting the University of Michigan’s consumer sentiment reading on Friday and comments from a slew of Federal Reserve officials this week. The U.S. consumer price index data is due on May 15. After recent weak U.S. jobs data, money markets are pricing in two Fed rate cuts this year and around 40 bps of monetary easing. Lower interest rates decrease the opportunity cost of holding non-yielding bullion. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts McDonald’s posts rare profit miss as customers turn picky READ MORE BRICS: $260 billion in trade without a single dollar READ MORE The Commodities Feed: China buys more gold in February READ MORE STOCK BUBBLE: You Need To See This Data – 1929Again? READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment