Fed likely to hold rates steady on Wednesday
U.S. nonfarm payrolls data due on Friday
India39;s duty cut to revive gold demand, WGC says

July 30 Reuters Gold prices held firm on Tuesday as investors braced for Federal Reserve39;s policy meeting and U.S. data that could offer more cues on the ratecut timeline.

Spot gold was up 0.2 at 2,388.65 per ounce, as of 0635 GMT. U.S. gold futures rose 0.3 at 2,385.30.

The Fed is expected to hold rates steady at the end of its twoday meeting on Wednesday, but open the door to policy easing as early as September by acknowledging inflation has edged nearer to its 2 target.

Investors will also keep a tab on a series of employment data scheduled to be released this week, with the main focus on the nonfarm payrolls report due on Friday.

The tone of the Fed meet and Friday39;s jobs report could pull the rug out from underneath the U.S. dollar if investors start to price in more rate cuts between now and yearend, said Tim Waterer, KCM Trade39;s chief market analyst.

Any moves lower in the dollar would likely provide a boon to gold, which could again see levels north of 2,400.

Lower interest rates reduce the opportunity cost of holding the nonyielding bullion.

India39;s gold demand in the June quarter fell 5 from a year earlier, but consumption in the second half of 2024 should improve due to a correction in local price following a steep reduction in import taxes, the World Gold Council said.

Among other metals, spot silver…