Traders cautious ahead of Federal Reserve policy decision
Gold bars are pictured on display at Korea Gold Exchange in Seoul, South Korea on August 6 2020. File Picture: REUTERS/Kim Hong-Ji— Gold prices edged up on Tuesday helped by a softer dollar, though prices moved in a tight range as investors maintained caution ahead of US inflation data and the Federal Reserve’s policy decision.
The dollar index was down 0.2%. A weaker dollar makes bullion more appealing to buyers holding other currencies.“Market watchers will be digesting the CPI data to gauge whether a hawkish recalibration of rate expectations is warranted ahead of the Fed meeting,” IG Market strategist Yeap Jun Rong said. “Gold bulls may also attempt to tap on the disinflation narrative for a move higher.”
“The Fed is expected to slow the pace of interest rate hikes, though officials have said they are likely to remain restrictive for some time. A weak inflation print could see that period become shorter than expected,” ANZ said in a note. Seizures of smuggled gold in India reached a three-year high this year after the government raised the import duty on the precious metal and international flights resumed following Covid-19 curbs.
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