— Gold prices ticked up on Tuesday, helped by a softer dollar, while market participants awaited more clarity on the US Federal Reserve’s rate hike stance.Bullion prices fell about 1% in the previous session after hawkish comments from US Federal Reserve officials. Fed presidents James Bullard and John Williams said there was a long way to go to fight inflation.
The dollar index inched 0.2% lower. A weaker greenback makes gold cheaper for overseas buyers. Gold is also sensitive to rising interest rates as they increase the opportunity cost of holding the nonyielding asset. “If Powell’s speech strikes a tone that the market reads as not pushing the hawkish ball forward, then gold will have a bounce,” Spivak said.
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