Gold Rate Today: Gold gains on dollar dip; Fed policy cues remain key | International Business News – Times of India

NEW DELHI: Gold prices rose on Tuesday, helped by a softer dollar, whereas market members awaited extra readability on the US Federal Reserve’s price hike stance.
Spot gold was up 0.7% at $1,752.46 per ounce as of 0442 GMT. US gold futures rose 0.6% to $1,750.10.
Bullion costs fell about 1% within the earlier session after hawkish feedback from US Federal Reserve officers. Fed Presidents James Bullard and John Williams mentioned there was an extended method to go to struggle inflation.
“Gold is seeing a corrective rise after the preceding session. Also, the dollar is slightly lower,” mentioned DailyFX forex strategist Ilya Spivak.
The dollar index inched 0.4% decrease. A weaker dollar makes gold cheaper for abroad consumers. Gold can be delicate to rising rates of interest as they enhance the chance price of holding the non-yielding asset.
Investors’ focus will now squarely be on Fed Chair Jerome Powell, who is because of communicate at a Brookings Institution occasion on Wednesday.
“If Powell’s speech strikes a tone that the market reads as not pushing the hawkish ball forward, then gold will have a bounce,” mentioned Spivak.
The ADP National Employment report and the US Labor Department’s non-farm payroll knowledge are additionally due this week. The knowledge might present some additional clues on the Fed’s policy plan.
Meanwhile, Chinese police have been out in pressure in Beijing and Shanghai to forestall extra protests towards Covid curbs.
Protests in China, the largest shopper of gold on this planet, and the ensuing heavy safety presence will affect spending and industrial exercise over the next month, which is able to weigh on all metals, mentioned Michael Langford, director at company advisory agency AirGuide.
Spot silver gained 1.8% to $21.29, platinum rose 1.2% to $1,000.24 and palladium was up 1.4% to $1,870.63.

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