WASHINGTON (dpa-AFX) - Gold edged higher on Tuesday and the dollar held steady ahead of U.S. CPI data due out later in the day, expected to show a further slowing of price pressures.
Spot gold rose 0.3 percent to $2,027.05 per ounce while U.S. gold futures were up 0.4 percent at $2,040.45.
The Labour Department's CPI report may show a further slowing of price pressures, with the annual increase in inflation expected to fall below 3 percent for the first time since 2021.
The dollar and bond yields were little changed in European trade.
With the U.S. economy proving resilient in 2023 and the labour market remaining remarkably solid, traders have pushed back their expectations for rate cuts from March to May or June.
Recent hawkish comments from Fed officials also brought back the 'higher-for-longer' theme in interest rates.
Unexpected inflation data can significantly affect financial markets over the next two weeks.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News