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## Gold Prices Steadied Amid Economic Uncertainty

Gold prices remained stable on Wednesday, with fluctuating US Treasury yields and a stronger dollar creating a mixed market sentiment. Traders were eagerly anticipating key inflation data and comments from Federal Reserve officials to gain insights into potential interest rate cuts.

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## Current Gold Market Trends

Spot gold maintained its position at $2,030.12 per ounce, reflecting the cautious approach of investors. Meanwhile, US gold futures experienced a slight decline of 0.2%, settling at $2,039.40 per ounce.

Lower US Treasury yields, at 4.28% compared to 4.31% the previous day, and a 0.2% rise in the dollar index added to the complex market dynamics.

The upcoming PCE report and GDP data are anticipated to serve as catalysts for potential movements in the gold market, according to analysts like Luca Santos from ACY Securities.

## Federal Reserve’s Stance on Interest Rates

As data indicated a significant drop in US durable goods orders and a decline in consumer confidence, investors are keenly awaiting the US GDP data and the release of the core PCE price index by the Federal Reserve.

Fed Governor Michelle Bowman reiterated the central bank’s cautious approach towards monetary easing, citing inflation risks as a key factor.

## Future Rate Cut Predictions

Market sentiments are leaning towards a 79 basis points rate cut for 2024, with a 63% probability of a quarter-point cut in June. This information, derived from LSEG’s interest rate probability app, influences traders’ decisions regarding gold investments.

## Technical Analysis and Precious Metals Performance

Spot gold could potentially retest support levels at $2,025 per ounce, with a potential drop to $2,015 if the support is breached, as suggested by market analyst Wang Tao from Reuters.

Platinum prices fell by 0.3% to $885.60 per ounce, while palladium and silver experienced declines of nearly 1% and 0.1% respectively.

AI legalese decoder can offer comprehensive analysis on technical indicators and market trends, aiding traders in making well-informed decisions regarding precious metal investments.

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