Gold prices rose on Tuesday as the dollar's retreat amid expectations for a less-aggressive interest rate hike strategy from the U.S. central bank made bullion a more attractive bet.
Spot gold was up 0.3% at $1,936.32 per ounce by 0923 GMT. U.S. gold futures gained 0.5% to $1,937.70.Bullion has gained nearly $120 since the beginning of 2023, backed by expectations that the U.S. Federal Reserve might increase rates by only 25 basis points at each of its first two meetings this year, after slowing its pace to 50 bps in December 2022.
Some analysts also noted that an expected recession could force the U.S. central bank to loosen its monetary policy tightening. The U.S. fourth-quarter GDP growth estimates due on Thursday could set the tone for the Jan. 31-Feb. 1 FedAlthough gold is considered a hedge against economic uncertainties, higher rates tend to dull zero-yielding bullion's appeal.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD grinds higher ahead of United States Gross Domestic ProductGold price (XAU/USD) prints mild losses around $1,925 as bulls take a breather after a five-week uptrend, especially amid a lack of traders from China
Read more »
Gold Price Forecast: XAU/USD bulls move in ahead of key events and pending Federal ReserveGold price has been a touch higher at the start of the week, digging into shorts that have positioned themselves on prospects of a move into the longs
Read more »
Gold Price Forecast: XAU/USD eyes a sustained move above $1,940 amid favorable technicalsGold ended up closing modestly lower on Friday. XAU/USD bulls need to cross $1,940 for a sustained upside, FXStreet’s Dhwani Mehta reports. Strong sup
Read more »
Gold Price Forecast: XAU/USD bears eye a correction to break trendline supportsGold price was volatile at the start of the week following a break of a test of a major trendline and horizontal support. In Asia, the bulls are exten
Read more »
Gold Price Forecast: XAU/USD retreats towards $1,920 key support amid sluggish sentiment, PMIs in focusGold price (XAU/USD) slides from the intraday high to $1,932 during early Tuesday morning in Europe. In doing so, the bullion price reacts to the late
Read more »
Gold Price Forecast: XAU/USD needs to break the $1,942 barrier for a fresh uptrendGold price is consolidating the latest uptick to near nine-month highs. XAU/USD eyes $1,942 and global PMIs for further upside, FXStreet’s Dhwani Meht
Read more »