Gold near 2-month low as traders assess comments from Fed officials

Gold prices struggled near a two-month low as investors analyzed comments from two U.S. Federal Reserve officials regarding January’s unexpectedly high inflation. This has tempered hopes for quick and deeper interest rate cuts for this year. Spot gold remained flat at $1,991.70 per ounce, while U.S. gold futures were also unchanged. The U.S. dollar index held below its three-month peak, which makes gold more expensive for buyers using other currencies. Traders are now pricing in 97 basis points of rate cuts for this year, with the first cut expected in June.