Bengaluru — Gold prices were steady on Tuesday with cautious traders largely focusing on Federal Reserve chair Jerome Powell’s speech for insights into the US central bank’s rate-hike trajectory.
Investors’ focus is on Powell’s speech at a central bank conference later in the day. Market participants will also scan the US consumer price index data due on Thursday for further clues on Fed’s policy stance. Elevated interest rates dull gold’s appeal as an inflation hedge and raise the opportunity cost of holding the non-yielding asset.
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