Gold prices moved in a narrow range on Tuesday ahead of US inflation data, which investors are looking for clues to the Federal Reserve’s policy path.<\/p>\n\n\n\n
Spot gold remained unchanged at $2,023.41 an ounce, and by 0232 GMT, US gold futures were down 0.2 percent, at $2,030.10.<\/p>\n\n\n\n
US consumer price data is due on Wednesday.<\/p>\n\n\n\n
Ajay Kedia, director at Kedia Commodities in Mumbai, said that if the inflation report is released in a way that fuels fears of another rate hike in June, gold prices may eventually fall to a level between $1950 and $1920.<\/p>\n\n\n\n
Bullion is a hedge against inflation, but high interest affects the attractiveness of non-return assets.<\/p>\n\n\n\n
Dealers are now betting 92 percent that the US central bank will keep interest rates at their current level in June.<\/p>\n\n\n\n
The New York Federal Reserve report showed that US consumers’ inflation expectations were mixed in April.<\/p>\n\n\n\n
Besides economic data, market participants are also watching developments surrounding the US banking sector and the debt ceiling.<\/p>\n\n\n\n
The Fed’s survey data released on Monday showed in the latest indication that higher central bank interest rates are starting to pay off in the financing sector.<\/p>\n\n\n\n
Treasury Secretary Janet Yellen said on Monday that Congress’ failure to raise the $31.4 trillion federal debt limit would deal a massive blow to the US economy and weaken the dollar’s position as the global reserve currency.<\/p>\n\n\n\n
As for other precious metals, spot silver rose 0.2 percent to $25.61 an ounce.<\/p>\n\n\n\n
Platinum also rose 0.2% to $1,073.23, and palladium fell 0.3% to $1,548.58.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices moved in a narrow range on Tuesday ahead of US inflation data, which investors are looking for clues to the Federal Reserve’s policy path. Spot gold remained unchanged at $2,023.41 an ounce, and by 0232 GMT, US gold futures were down 0.2 percent, at $2,030.10. US consumer price data is due on Wednesday. …<\/p>\n","protected":false},"author":9,"featured_media":61161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6885,6874,7664],"class_list":["post-83839","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold","tag-interest-rate-hike"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=83839"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83839\/revisions"}],"predecessor-version":[{"id":83840,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83839\/revisions\/83840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61161"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=83839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=83839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=83839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}