Gold slightly up as dollar dips

Gold bars are pictured on display at Korea Gold Exchange in Seoul, South Korea on August 6 2020. File Picture: REUTERS/Kim Hong-Ji— Gold prices edged up on Tuesday as the dollar weakened, while investors awaited US economic data amid hopes of slower interest rate hikes by the Federal Reserve.The dollar index dipped 0.2%. A weaker greenback makes dollar-priced bullion more affordable for many buyers.

Traders are mostly pricing in a 25-basis point rate hike by the Fed at its January 31-February 1 policy meeting, after slowing its pace to 50 basis points in December after four straight 75-basis point hikes. Lower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset.

On the physical front, India is expected to slash the import duty on gold, which could lift retail sales by making the metal cheaper ahead of peak demand season in the world’s second-biggest bullion consumer. Elsewhere, spot silver gained 0.4% to $23.54 an ounce. Silver is used in photovoltaic applications including solar panels. With the Chinese economy reopening and less disruption from Covid-19, it could support a consecutive year of record photovoltaic silver demand, analysts at Heraeus Precious Metals said in a note.

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