Gold prices settled into a holding pattern on Tuesday as investors awaited U.S. inflation figures that could provide an updated view on interest rates after the Federal Reserve kept the door open for further policy tightening.
Spot gold was flat at $1,921.25 per ounce, as of 0510 GMT, while U.S. gold futures eased 0.2% to $1,944.30.
Demand for non-interest-bearing gold could take a hit if the Fed further raises U.S. interest rates to quell inflation.
Although, a sustained push higher in gold prices likely needs to be catalyzed by an eventual turn towards a Fed cutting cycle, they added.
Elsewhere, spot silver rose 0.2% to $23.12 per ounce, platinum climbed 0.2% to $899.90 per ounce and palladium added 0.2% to $1,220.64 per ounce.
Persons:
Nicholas Frappell, J.P, Morgan
Organizations:
Federal Reserve, U.S . Consumer, Fed, ABC Refinery, New York Fed, U.S
Locations:
U.S