Gold prices ticked higher on Tuesday after the dollar retreated as cautious investors awaited further U.S. economic data due this week to gauge the Federal Reserve's next policy move.
Spot gold rose 0.2% to $1,993.64 per ounce by 0514 GMT, while U.S. gold futures inched 0.1% higher to $2,002.00.Gold is getting a boost from a weaker dollar, and focus will remain on the next set of U.S. economic data and the Fed meeting to understand its stand on rate hikes for the rest of the year, said Ajay Kedia, director at Kedia Commodities in Mumbai.
Markets are pricing in an 87.2% chance of a 25-basis-point hike by the Fed at its May 2-3 meeting. Higher interest rates tend to weigh on the bullion's appeal. Investors now await the U.S. consumer confidence report scheduled later in the day, ahead of the core personal consumption expenditures index, and GDP quarterly growth rate, due this week.
"These reports are more likely to see the USD weaken which will further strengthen gold prices in the short term," said Michael Langford, director at corporate advisory firm AirGuide. Meanwhile, rising concerns that the U.S. Treasury Department could hit its debt limit in the coming months are leading investors to shun certainIn the physical market, gold consumption in the world's largest gold-consuming nation grew 12% year-on-year over January-March.Platinum rose 0.3% to $1,085.48.
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