Gold prices remained in a holding pattern on Tuesday, with investors eagerly anticipating U.S. inflation data to gauge the outlook for interest rates, especially after the Federal Reserve left room for potential policy tightening.
As of 0510 GMT, spot gold traded flat at $1,921.25 per ounce, while U.S. gold futures saw a 0.2% decline to $1,944.30.
Market activity is expected to stay subdued until the release of the U.S. Consumer Price Index (CPI) data on Wednesday, which could provide clarity on U.S. interest rates following the widely anticipated Fed pause next week.
Nicholas Frappell, the global head of institutional markets at ABC Refinery, noted, "A CPI number coming in in-line or even slightly higher would likely exert some short-term pressure on gold."
GOLD BUY 1917 - 1919 🔼🔼
🟢TP1: 1924
🟢TP2: 1929
🔴SL: 1914
As of 0510 GMT, spot gold traded flat at $1,921.25 per ounce, while U.S. gold futures saw a 0.2% decline to $1,944.30.
Market activity is expected to stay subdued until the release of the U.S. Consumer Price Index (CPI) data on Wednesday, which could provide clarity on U.S. interest rates following the widely anticipated Fed pause next week.
Nicholas Frappell, the global head of institutional markets at ABC Refinery, noted, "A CPI number coming in in-line or even slightly higher would likely exert some short-term pressure on gold."
GOLD BUY 1917 - 1919 🔼🔼🟢TP1: 1924
🟢TP2: 1929
🔴SL: 1914
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