Gold Stability Amid Investor Anticipation of U.S. Data

Gold prices stabilized near the $2000 per ounce level on Wednesday, as investors remained cautious, awaiting economic data from the U.S. that might help them predict the trajectory of U.S. interest rates. Gold held steady in the spot market at $1999.09 per ounce at 0042 GMT, while U.S. gold futures rose by 0.3% to $2010.20. The dollar index fell by 0.1%, which increases the appeal of the precious metal to buyers holding other currencies. Data released on Tuesday showed a decline in U.S. consumer confidence to its lowest level in nine months in April, amid growing concerns about the future, exacerbating the risk of the economy falling into recession this year. Sales of single-family homes in the United States surged to a one-year high in March, likely driven by falling mortgage rates.