Gold stays below key US$2,000 level as markets temper Fed rate-cut bets

GOLD prices lingered near a two-month low on Wednesday, trading below the key $2,000-per-ounce level, as a stronger-than-expected U.S. inflation report prompted traders to trim bets for deeper rate cuts by the Federal Reserve.

Spot gold was flat at $1,992.21 per ounce (Oz), as of 0429 GMT, after hitting its lowest since Dec. 13 on Tuesday. Bullion fell about 1.4% on Tuesday in its biggest daily decline since Dec. 4.