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Spot gold neutral in $1,861-$1,884 range - technicals
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U.S. weekly jobless claims data due at 1330 GMT
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U.S. CPI data next week also keenly awaited
(Updates prices)
By Ashitha Shivaprasad
Feb 9 (Reuters) - Gold rose on Thursday, helped by a
pullback in the dollar, although prices are expected to be
range-bound as traders await economic data for clues on the U.S.
Federal Reserve's rate-hike path.
Spot gold was up 0.3% at $1,881.60 per ounce, as of
1204 GMT. U.S. gold futures rose 0.2% to $1,881.00.
The dollar index fell 0.4% against its rivals. A
weaker greenback tends to make dollar-priced bullion an
attractive bet. "The gold market is in a consolidation mode and will remain
range-bound ahead of next week's inflation data. Also, Fed Chair
Jerome Powell's comments that were less hawkish is making gold
slightly attractive," Ajay Kedia, director at Kedia Commodities
in Mumbai, said.
Market participants are awaiting U.S. consumer price data
next week for further clues on the Fed's policy path. Weekly
U.S. jobless claims data, due at 1330 GMT, is also in focus.
Powell provided fuel for both sides of the argument on
Tuesday, saying rates might need to move higher if the U.S.
economy remained strong, but he reiterated "disinflation" was
underway.
A few Fed officials on Wednesday said more interest rate
rises were likely.
Gold is extremely sensitive to rising U.S. interest rates,
as these increase the opportunity cost of holding the
non-yielding asset.
Spot gold looks neutral in a range of $1,861 to $1,884 per
ounce, and an escape could suggest a direction, Reuters
technical analyst Wang Tao said.
Spot silver gained 0.7% at $22.46 per ounce, platinum rose 0.2% to $971.50 and palladium edged 0.2%
higher to $1,652.14.
(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by
Barbara Lewis, Shounak Dasgupta and Christina Fincher)
