Gold Price News: Gold Range-bound Ahead of US Data

Gold prices held steady on Tuesday, trading a few dollars either side of $2,330 an ounce, and showing little impetus to move in either direction as the market awaited fresh drivers.

Prices posted an intra-day range of $2,316 to $2,337 an ounce on Tuesday, little changed from Monday’s range of $2,318 to $2,334 an ounce.

In a somewhat subdued start to the week, the markets were left looking ahead to Thursday’s US durable goods orders for May, the final GDP growth rate for Q1, and weekly initial jobless claims figures. The latest round of macro figures are set to provide a fresh health-check on the US economy and feed into the picture on expected monetary policy going forward.

On the fundamentals side, physically-backed gold ETF flows were more subdued in the week ending June 21, according to data from the World Gold Council on Monday, with North American players adding 2.7 tonnes of demand and Asian entities adding 0.3 tonnes. Demand from European entities fell by 0.9 tonnes, the figures showed.

That compared with a more active period in the previous week, ending June 14, when ETF flows from North America fell by a much larger 12 tonnes while European players added 7.1 tonnes.

The figures also show that Asian ETF demand, which had been particularly strong in the first half of April, had evaporated in most of May, only to re-emerge in the week ending May 31 to the tune of 4.6 tonnes.