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Gold Holds Ground as Traders Brace for US Inflation Data

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
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Gold Holds Ground as Traders Brace for US Inflation Data

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo

Gold prices held steady on Thursday, with investors awaiting US inflation data due later in the day for more insights on the Federal Reserve's interest rate path.

Spot gold was nearly unchanged at $2,372.99 per ounce, as of 0042 GMT. US gold futures were flat at $2,378.40.

Earlier, Fed Chair Jerome Powell said on Wednesday that the US central bank would make interest rate decisions "when and as" they were needed. On Tuesday, he told House members that "more good data" would build the case for a rate cut.

Non-yielding gold's appeal tends to shine in a low interest rate environment.

Markets currently see around 73% odds for a rate cut by September, with a second reduction also seen likely by December, according to the CME Group's FedWatch Tool, Reuters reported.

Traders are waiting for the June Consumer Price Index (CPI) report due at 1230 GMT and the Producer Price Index (PPI) report due on Friday.

Also, spot silver rose 0.2% to $30.87 per ounce, platinum ticked up 0.5% to $994.10 and palladium gained 0.4% to $989.93.

 

 

 

 

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.