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Gold ticks up as dollar pauses advance; focus on Fed minutes

Gold ticks up as dollar pauses advance; focus on Fed minutes

Gold prices edged up on Tuesday, after retreating as much as 1% in the last session, as the dollar eased, with the focus turning to minutes from the US Federal Reserve's latest meeting for clues on future rate hikes

Gold prices edged up on Tuesday, after retreating as much as 1% in the last session, as the dollar eased, with the focus turning to minutes from the US Federal Reserve's latest meeting for clues on future rate hikes Gold prices edged up on Tuesday, after retreating as much as 1% in the last session, as the dollar eased, with the focus turning to minutes from the US Federal Reserve's latest meeting for clues on future rate hikes

Gold prices edged up on Tuesday, after retreating as much as 1% in the last session, as the dollar eased, with the focus turning to minutes from the US Federal Reserve's latest meeting for clues on future rate hikes.


FUNDAMENTALS


Spot gold rose 0.2% to $1,740.56 per ounce by 0033 US gold futures inched up 0.1% to $1,741.70.


Bullion fell for a fourth straight session on Monday as investors preferred the safety of the dollar to hedge against as fresh COVID-19 curbs in China that fuelled worries over the global economic outlook.


San Francisco Federal Reserve President Mary Daly said on Monday the real-world impact of the US central bank's interest rate hikes is likely greater than what its short-term rate target implies.


Meanwhile, Cleveland Fed President Loretta Mester said the central bank can downshift to smaller interest rate hike increments from next month as it fine-tunes its policy actions to help bring down high inflation.


The Fed's November meeting minutes are due on Wednesday, with most traders betting on a 50-basis point hike in the December meeting.


High interest rates discourage investing in gold, which does not bear any interest.


SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 906.06 tonnes on Monday.


The World Platinum Investment Council said on Tuesday it expected a deficit of the metal used in vehicle exhausts, industry and jewellery in 2023 after a hefty surplus this year.


Spot silver advanced 0.4% to $20.92 per ounce, platinum also rose 0.3% to $985.30, while palladium added 0.6% to $1,877.14.

Published on: Nov 22, 2022, 9:01 AM IST
Posted by: Priya Raghuvanshi, Nov 22, 2022, 8:54 AM IST
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