Gold bar replicas are displayed at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023.
Gold prices hit a two-week high on Tuesday, underpinned by rising geopolitical tensions and expectations of a third U.S. rate cut by the Federal Reserve next week, while the market's gaze shifted to Wednesday's U.S. inflation data.
"The CPI data will have limited impact on gold, especially if we get a print around the expected figure.
Gold is considered a safe investment during economic and geopolitical turmoil and tends to thrive in a lower interest rate environment.
Spot silver added 0.6% to $32.00 per ounce, platinum fell 0.4% to $935.55 and palladium was down 0.6% at $968.00.
Persons:
Peter Grant, Fawad, Razaqzada
Organizations:
Developers Association of Canada, Federal Reserve, Wednesday's, Zaner Metals, Bank of, ECB, SNB, U.S . Consumer, Index, Forex.com
Locations:
Toronto , Ontario, Canada, U.S, Bank of Canada, China