(Bloomberg) -- Gold traded in a narrow band on Wednesday after falling 1.3% the previous session, when traders booked profits from the metal’s latest record-breaking run.
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Bullion traded near $2,915 an ounce, about $40 shy of Monday’s fresh all-time high. It’s been supported in recent days by weak US data that’s boosted hopes for a Federal Reserve interest-rate cut as soon as July, while President Donald Trump’s tariff threats have increased haven demand.
Prices have also been bolstered by renewed interest in bullion-backed exchange-traded funds. Last week, net inflows were the largest since 2022, according to data compiled by Bloomberg.
ETF buyers could “drive the next leg higher in gold and could more than offset weak technical trends and a weak physical market,” Standard Chartered Plc analyst Suki Cooper said in a note.
Traders were also monitoring fresh trade threats from Trump after the president signed an executive action Tuesday directing the Commerce Department to examine possible copper tariffs.
Looking ahead, investors will be analyzing Friday’s core personal consumption expenditures price index, the Fed’s preferred inflation gauge, for clues about the monetary policy trajectory.
Spot gold was little changed at $2,913.46 an ounce as of 12:22 p.m. in New York. The Bloomberg Dollar Spot Index was also little changed. Silver rose while palladium and platinum were flat.
--With assistance from Jack Ryan and Yvonne Yue Li.
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