Gold prices advanced on Tuesday after falling over 1% in the previous session, as the dollar eased ahead of key U.S. inflation data.
Spot gold was up 0.5% at $1,999.09 per ounce, as of 0649 GMT. U.S. gold futures rose 0.5% to $2,014.40.Investors now awaited the U.S. consumer price data due Wednesday for more clarity on the path of interest rates heading into the Federal Reserve's May policy meeting.
"A hotter-than-expected print may suggest that the Fed could still hike rates once more in May... gold's rally higher has been somewhat excessive... chances of another Fed hike could kind of bring the overshoot down," said OCBC FX strategist Christopher Wong. A U.S. employment report released on Friday pointed to a tight labour market and raised bets of an interest rate hike by the U.S. central bank next month. Markets are pricing in a 69.4% chance of a 25 basis-point increase, according to theThe opportunity cost of holding the non-yielding bullion rises when interest rates are raised to bring down inflation."Near-term, there are also bearish technical setups for a corrective move lower" in gold prices, OCBC's Wong added.
Spot silver rose 0.3% to $24.97 per ounce, platinum gained 1.1% at $1,002.83 and palladium climbed 1.8% to $1,436.87.Reporting by Kavya Guduru in Bengaluru; Editing by Rashmi Aich, Sohini Goswami and Uttaresh Venkateshwaran
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