Gold is rising as investors await US inflation data

Gold prices rose on Tuesday as investors awaited US inflation data in search of indications of the monetary policy path of the Federal Reserve (US Central Bank) in light of continued economic uncertainty.

By 1021 GMT, spot gold rose 0.5 percent to $2,030.43 an ounce, and US gold futures rose 0.2 percent, to $2,037.90 an ounce.

Although gold is a hedge against inflation, high-interest rates undermine the attractiveness of the precious metal, which does not yield a return.

US consumer price data is due on Wednesday.

Investors now expect 88 percent of the US central bank to keep interest rates unchanged in June after its chairman, Jerome Powell, said last week that monetary policy decisions would be based on data, while hinting at the possibility of a pause in rate hikes.

As for other precious metals, platinum rose 0.6 percent to $1,076.77 an ounce. Palladium rose 0.4% to $1,559.74.

And silver settled in instant transactions at $ 25.56 an ounce.